ICAI 75th Annual Report: Celebrating 75 Years of Excellence

The Institute of Chartered Accountants of India (ICAI) has published its 75th Annual Report, showcasing the organization’s contributions to India’s financial and economic growth during 2023-24. Established in 1949, ICAI has grown to become the world’s largest accounting body, serving over 400,000 members and 900,000 students. The report celebrates ICAI’s legacy and highlights its key initiatives, including partnerships with state governments for GST training and capacity building, collaboration with international financial institutions, and its ongoing role in advancing India’s financial ecosystem. ICAI has also played a significant part in India’s journey towards becoming a $30 trillion economy by focusing on innovation, sustainability, and technological advancements. The report underscores ICAI’s efforts in supporting governance reforms, such as aiding Indian Railways in adopting accrual-based accounting and promoting green initiatives. Additionally, ICAI’s engagement in global finance through MoUs with GIFT City and IFSCA highlights its commitment to strengthening India’s position as a hub for financial services. The annual report further emphasizes ICAI’s role in nation-building and its vision for the future.

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
(Set up by an act of Parliament)
NOTIFICATION
New Delhi, the 27th September, 2024

F. No. 1-CA(5)/75/2024.—In pursuance of sub-Section (5B) of Section 18 of the Chartered Accountants Act, 1949, a copy of the audited accounts and the Report of Council of the Institute of Chartered Accountants of India (ICAI) for the year ended 31^st March 2024 is hereby published for general information.

75^th Annual Report

The Year 2023-24, is a milestone in the annals of the ICAI and the Indian Chartered Accountancy Profession, as the esteemed profession started celebrations for its 75 years of Legacy of Trust and Excellence that has profoundly influenced the nation’s economic landscape. As ICAI Celebrates its past, it is equally focused on the future, poised to navigate the next 25 years with ambition and innovation, making it “The Golden Period of Profession”. As a profession and as largest accounting body the ICAI, shall work with commitment and renewed zeal to lead into the path of prosperity, harnessing the power of technological advancements like AI, Analytics and Automation, fostering an ecosystem for Green Economy promoting Sustainable Development, nurturing professionals of tomorrow with advanced skills for the digital economy as well as supporting development of accounting practices and frameworks strengthening governance holistically which elevates the development of society and nation.

As India progresses towards becoming a $30 trillion economy, the nation is rapidly emerging as a global growth leader. ICAI is dedicated to supporting India’s economic advancement, continuing its role as a guardian of public interest and a Partner in Nation Building. The Institute is globally acclaimed for its high standards in technical and ethical domains, as well as its rigorous education and examination processes. Chartered Accountants have played a crucial role in India’s growth story, significantly contributing to the economy and being recognized by all community stakeholders. As we advance, the ICAI will continue to be a beacon of integrity, innovation, and professional excellence, contributing significantly to the rise of the Indian economy amidst global technological advancements.

During its sagacious, 75 years journey of Trust and Excellence, ICAI has played a transformative role in India’s economic development, becoming synonymous with financial excellence and integrity. The Institute’s commitment to high standards in technical and ethical education has empowered Chartered Accountants to be key drivers of economic progress. The profession has been instrumental in fostering a robust financial ecosystem and supporting India’s growth trajectory. As the nation aspires to become a $30 trillion economy, ICAI’s future role will be pivotal. The Institute is poised to lead with innovation, uphold rigorous ethical standards and adapt to global economic trends, ensuring that Chartered Accountants continue to be indispensable to the nation’s economic advancement and stability.

The Council of ICAI proudly presents its 75^th Annual Report for the year ended 31^st March 2024. Established on 1st July 1949 by an Act of Parliament with around 1,700 members, the Indian Chartered Accountancy profession has expanded to become the largest Global Accounting body in the World 4.0 lakhs members and more than 9 lakhs students, having its presence in 81 global cities across 47 Countries, during the last 75 years fuelled by values of Credence, Accountability, Reliability and Excellence in the service to the nation. This report highlights the significant activities of the Council and its Committees during the year 2023-2024, alongside the Institute’s financial statements for the year ending 31^st March 2024. The Council applauds the contributions of its members and students for maintaining the Chartered Accountancy profession’s esteemed status through their pursuit of excellence, independence, integrity, ethical practices, innovation, sustainability, and technological advancement, which have collectively elevated the profession globally.

This annual report not only chronicles the past achievements but also lays out a roadmap for the future, highlighting the strategic initiatives that will guide as ICAI continues to build on its legacy of excellence. A brief summary of the important achievements during the years are given as under:

1. 75th CA Day Celebrations – Chief Guest Hon’ble President of India

On 1st July 2023, the momentous occasion of 75th Chartered Accountants’ Day was celebrated with great enthusiasm and zeal across the Country and Globe. On the historic occasion a commemorative Logo and an ICAI Stamp signifying ICAI’s 75 years journey of excellence was unveiled recognizing the remarkable contributions of Chartered Accountants in the economic development of the nation, exemplifying unwavering integrity, competence, and professionalism as Partner in Nation Building.

The esteemed presence and blessings of the ‘Chief Guest’ Hon’ble President of India Smt. Draupdi Murmu and Guest of Honour, Hon’ble Minister of State for Corporate Affairs, was the highlight of the event. During the celebration, the new Education and Training Scheme, aligned with the International Standards and National Education Policy 2020, was unveiled. The Hon’ble President of India lauded the collaborative and pivotal role being played by the Chartered Accountants as “Pillars of economic Governance”. She acknowledged CAs dedication and hard work, and further added, “The journey to becoming a CA is a testament to the dedication and hard work of our exceptional professionals. It further fills me with delight to witness the rising percentage of women pursuing the CA profession”.

2. Global Professional Accountants Convention (GloPAC) – 2023

Referring to the GST as the “Tryst with Modernity”, the Hon’ble Vice-President of India Shri Jagdeep Dhankar remarked at the Global Professional Accountants Convention (GloPAC) organized by the ICAI at Gandhinagar, Gujarat that it stands as the largest tax reform since independence, completely transforming the country’s Indirect taxation landscape. He also praised the Chartered Accountants fraternity for their role in shaping Goods and Services Tax into the user-friendly ‘Good and Simple Tax.’

3. Supporting the Government in GST capacity building initiatives

ICAI with its requisite expertise and knowledge has been working closely with the State Governments and its various constituents to support their capacity building initiatives. In this direction, the Institute conducted programmes in 7 states relating to GST during the year and more than 2000 government officers were trained in such programmes. Further, MoUs were signed with state governments of Goa and Jammu & Kasmir to facilitate imparting training on GST to officers of these Departments through capacity building programmes on a regular basis as also to extend technical co-operation in research, assistance in policy making, consulting etc.

4. MoU with State Governments

(i) The Institute, through its GST & Indirect Taxes Committee, has entered into Memorandum of Understanding (MoU) with Department of State Taxes, Goa and State Taxes Department, Jammu & Kashmir to facilitate imparting training on GST to officers of these Departments through capacity building programmes on a regular basis as also to extend technical co-operation in research, assistance in policy making, consulting etc. The MoU with Goa was signed and exchanged in the presence of Hon’ble Chief Minister of Goa, and Hon’ble Minister of Goa. The MoU with Jammu & Kashmir was signed and exchanged in the presence of Hon’ble Lieutenant Governor, J&K, and senior officials from the Government of J&K.

(ii) Further, the Institute collaborated with the State Taxes Department of J&K Government, in organising Tax Awareness initiative – KARTAVYA (Kar Yogdaan, Rashtra Nirmaan), GST symposium for industries, traders’ association & other stakeholders on March 1 , 2023 to further stimulate the rate of compliance and productive capacity in the state. On the occasion, the Chief Guest Shri Manoj Sinha Hon’ble Lieutenant Governor, J&K applauded the role of ICAI in nation building.

(iii) Strengthening Governance at grass root level, ICAI joined hands with various State govt./ ULBs to provide training to officials in vernacular language on latest accounting tools and practices including accrual accounting namely Urban Development Directorate, Uttarakhand, Directorate of Municipal Administration, Maharashtra and Nagaland and Commissioner of Treasuries and Accounts, Govt. of Tamil Nadu.

5. Agreement with Finance Department, Government of Uttarakhand

In another heartening development, ICAI through, Committee on Public and Government Financial Management (CPGFM) has entered into an agreement with the Project Management Unit – Uttarakhand Project Management Strengthening (PMU – UKPFMS) working under the aegis of the Finance Department, Government of Uttarakhand to impart training to newly recruited and existing account staff of Urban Local Bodies of Uttarakhand on Accrual Based Double Entry Accounting System and Uttarakhand Municipal Accounting Manual (UMAM), 2021 jointly with Urban Development Directorate (UDD). The agreement was exchanged in the presence of Hon’ble Minister, Urban Development & Finance, Government of Uttarakhand, Director, Urban Development Directorate, Government of Uttarakhand and other senior officials from UDD, UKPFMS & ICAI.

6. ICAI Partners Commissionerate of Rural Development, Gujarat

With rural development being an important part of nation’s growth and prosperity, it is imperative that accounting professionals in these areas are equipped with latest tools and practices. ICAI through its Committee on Public and Government Financial Management (CPGFM) in partnership with Commissionerate of Rural Development, Gujarat has started a comprehensive training programme series on the ‘Effective Implementation of Accounting Guidelines of Various Rural Development Schemes’. This two-days training programme was specifically designed for the accounting staff working within Rural Development Agencies in Gujarat and about 700 accounting officers in Gujarat will be benefitted from it.

7. MOU with GIFT City

(i) ICAI has entered MoUs with the GIFT City (Gujarat International Finance Tec-City Ltd.) and IFSCA (International Financial Services Centres Authority), to promote financial excellence and enhance professional skill sets related to International Financial Services Centre (IFSC) business and regulations. Further, with a view to promote the Indian economy globally and the export of accountancy services from India, ICAI conducted the Ambassadors Meet and Trade Officers Conclave, as well as MoUs were renewed with Invest India and the Export Promotion Council for EOU & SEZ (EPCES) aimed to encourage sustainable economic growth and promote India as an investment friendly destination.

Services namely Book-keeping, Accounting, Taxation and Financial Crime Compliance Services notified as financial services under the IFSCA Act. This notification came after the ICAI proposed the above amendment. This notification would bring enormous opportunities to professionals to provide services in the IFSC.

(ii) ICAI representatives visited Australia as a part of high-level delegation from the International Financial Services Centres Authority (IFSCA) from August 28 to September 1, 2023, with an aim to promote International Financial Services Centres (IFSCs), export of services including accounting and finance and to attract overseas investors. The delegation engaged in roundtable discussions with banks, insurance companies, and capital market institutions in Sydney and Melbourne on August 28, & August 31, 2023 respectively, to explore opportunities for investments in IFSCs.

(iii) An interactive meeting convened at IFSCA GIFT City on 12th May, 2023 of Hon’ble Prime Minister with the stakeholders and market participants to collaborate and work together in developing GIFT City as Global Financial Hub. During the meeting, the ICAI assured its support and made various suggestions on promoting export of services and establishing India as a preferred destination globally for Accounting and Financial services. Also about the role ICAI has been playing in the areas of strengthening MSME ecosystem, Financial and Tax Literacy, training of GST Officials in states etc.

8. Indian Railways in migration from cash basis to Accrual basis system of accounting

The ICAI ARF is assisting Indian Railways in migration from cash basis to Accrual basis system of accounting. The Accrual Based Financial Statements of Indian Railways for the financial year 2021-22 was handed over to IRAS, Chief Administrative officer/ Accounting Reforms, Northern Railways, at an event organized on June 5, 2024 in the presence of President, ICAI/Chairman, ICAI-ARF, Vice-President, ICAI/Vice-Chairman, ICAI-ARF, Project Mentor and few Council Members, ICAI. IRAS, Chief Administrative officer sought assistance of the ICAI ARF on how Green Initiatives of Indian Railways – Identification of Green Assets & its disclosure and the carbon emissions done by Indian Railways through several initiatives like usage of solar power plant, waste-water treatment, etc. can be financially shown in the Financial Statements to enhance the utility of accrual based financial statements. The President, ICAI/Chairman, ICAI-ARF apprised the initiatives being undertaken by ICAI in this direction through its Sustainability Reporting Standards Board and assured that ICAI and ICAI ARF shall provided necessary assistance in this regard.

9. Run for Viksit Bharat

The Institute is the world’s largest accountancy body, commemorated its 75 years of service to the nation with the grand ‘CA Run for Viksit Bharat’ on 30^th June, 2024. This event underscored ICAI’s commitment to Prime Minister Narendra Modi’s vision of transforming India into a developed nation by 2047. Participants, including members and students from across the globe, began the run at 6:00 AM from 5 Regional Councils, 176 Branches, and various foreign chapters. In New Delhi, the run commenced from ICAI Headquarters and concluded at Major Dhyan Chand National Stadium. The event was graced by the presence of Hon’ble Minister of State of Corporate Affairs, who praised ICAI’s contributions to the nation’s financial standards and robust reporting ecosystem.

10. Financial and Tax Literacy Drive

For the promotion of the Government of India’s national mission on Vitiya Saksharta, the Institute of Chartered Accountants of India (ICAI) is running a Financial and Tax Literacy Drive “Vitiya Gyan-ICAI Ka Abhiyaan” to propagate and promote financial and tax literacy- nationwide amongst various strata of the public including Housewives, Senior Citizens, Students, Salaried /Retired Persons, Start-ups/ Businessmen & Entrepreneurs, Law Enforcement Personnel, Defence People, Teachers & Academicians, Farmers & Rural Households, Professionals such as lawyers, doctors, engineers etc. Financial & Tax Literacy Drive “Vitiya Gyan – ICAI Ka Abhiyaan” is the biggest national drive by ICAI as a partner in nation-building. \

This extensive initiative aims to equip individuals with essential financial knowledge, enabling them to make informed decisions and contribute to the economic development of India. Through workshops, seminars, and educational resources, ICAI’s campaign reaches diverse sections of society, fostering a culture of financial awareness and responsibility. By empowering citizens with financial acumen, ICAI continues to strengthen its commitment to creating a financially literate and economically robust nation. The initiative underscores ICAI’s commitment to fostering a financially literate and responsible society.

11. MoU with FICCI Ladies Organisation (FLO)

The ICAI through its Group for Promoting Financial & Tax Literacy has renewed its collaboration with the FLO for the second consecutive year. Both the organisations shall be working together to create financial & tax literacy awareness amongst the women by way of knowledge dissemination and skill development to empower them and achieve the goal of financial inclusion in true essence.

12. Agreements with various Accounting bodies

After due approval from the Union Cabinet, ICAI also into MoU with the Institute of Chartered Accountants of Maldives (CA Maldives) on 20th August 2023, during the SAFA IFRS and ISAs Forum 2023 hosted by CA Maldives. These MoUs aim to establish a platform for mutual co-operation, aiming at the advancement of Accounting Knowledge, Professional and Intellectual Development, and the progress of their respective members. ICAI also renewed its qualification reciprocity agreement with the Institute of Chartered Accountants in England & Wales on April 24, 2023 in London. The renewal of this MoU would continue to enable appropriately qualified members of either institute to join the other institute by receiving appropriate credit for their existing accountancy qualification and bring a lot of professional opportunities for Indian CAs in UK.

13. Recognition of ICAI member as Associate member of Institute of Singapore Chartered Accountants (ISCA)

ISCA, Singapore has recognized ICAI qualification as one of the professional qualifications for taking associate membership of ISCA, another testimony of increasing brand equity of the profession globally. The recognition will be beneficial for all those members who are residing in Singapore and have six months of local work experience in Singapore.

14. Strengthening India’s entrepreneurial landscape – MSME & Startup Initiatives

The Institute of Chartered Accountants of India (ICAI), through Committee on MSME and Startups has been intensely committed to fostering India’s entrepreneurial ecosystem, particularly through initiatives focusing on startups and Micro, Small & Medium Enterprises (MSMEs).

(a) As part of our commitment to extend assistance to MSMEs, ICAI, has forged meaningful partnerships by entering Memorandums of Understanding (MOUs) with the Governments of Odisha, Chhattisgarh, and Kerala. In line with these collaborations, dedicated help desks were established at ICAI branches in these states. These help desks serve as vital resources, offering guidance and support to MSMEs, aiding in their understanding of the array of available schemes and benefits, including facilitation for registration processes.

(b) Another significant move involves signing Memorandums of Understanding (MoUs) with AIC-Mahamana Foundation for Innovation and Entrepreneurship IM BHU, Varanasi, and AIC-Nalanda Institute of Technology Foundation, Bhubaneswar, Odisha. These agreements aimed to bolster Startup Capacity Building through the ICAI Startup Gateway. The objective was to establish these institutions as core hubs for startup stakeholders, nurturing a comprehensive innovation and entrepreneurial ecosystem and facilitating the journey from ideation to market realization. These partnerships strongly aligned with the government of India’s vision for entrepreneurship development, innovation culture, and the integration of the startup ecosystem.

(c) Alongside these collaborations, ICAI actively engaged in realm awareness about government schemes targeting the strengthening of Indian MSMEs. Notably, the MSME Yatra initiative achieved recognition in the Asia Book of Records. This accolade was a result of nationwide campaigns – ‘ICAI MSME SETU’ and ‘ICAI MSME YATRA’ – conducted in 75 cities across 22 states within 75 days. These campaigns aimed to promote entrepreneurship, stimulate job creation, and contribute to overall economic development. ICAI’s steadfast commitment to empowering MSMEs and the startup sector remained a cornerstone of their efforts towards economic growth.

(d) To further reinforce this commitment, ICAI this year introduced two significant initiatives: the ICAI MSME Connect Program involving MSME Sahayog and MSME Niryat program and the ICAI Startup Yatra. The former, conducted from October 20, 2023, to February 10, 2024, aimed to support members advising Micro, Small & Medium Enterprises (MSMEs) in international trade and export promotion. These program aims at providing support across various aspects including skills enhancement, quality improvement, market access, finance availability, and technology know-how. Simultaneously, the ICAI Startup Yatra, operating from October 20, 2023, to February 10, 2024, had the goal of building capacity and fostering enabling ecosystems for startups across 140 cities. The initiative included programs like the ICAI Startup Manthan and ICAI Startup Samvad, focusing on fostering innovation, facilitating registrations, and enhancing capacity for startups. These endeavors aimed to bridge the gap between tier I and tier II city ecosystems, nurturing an inclusive and thriving entrepreneurial culture across the nation.

(e) Moreover, the Institute organised the StartUp Sphere 2023 event in Mumbai from 27-28 June, 2023, aimed to bring together the startup community, investors, and entrepreneurs. The event attracted 7,000 attendees from across the country and featured over 120 industry specialists who shared their knowledge and insights. Hon’ble Former President of India gave special address at the event and the same was inaugurated by the Minister of Industries, Government of Maharashtra. The success of the event not only benefited the participants but also augmented the entrepreneurial ecosystem in the country.

(f) An Interactive Ambassadors’ meet was organized to promote inbound and outbound investment, make India investment friendly destination, collaborate with International accounting bodies for strengthening global financial ecosystem, promote accounting profession globally in alignment with the Government’s vision to boost services export potential. The event was graced by Hon’ble Minister of State for External Affairs and was attended by delegates from more than 25 embassies. During the event, the MoU (extension) was signed with Invest India in continuation to the earlier MoU entered on 4^th February, 2019 aimed to promote sustainable economic growth and investments in India, collaborate and promote India as an investment friendly destination. On the occasion, ICAI got inducted into Asia Book of Records for its ICAI MSME Yatra and MSME SETU initiatives which were earlier made to India Book of Records.

15. Stakeholders Consultation Meetings on MCA 21 V3

MCA21 V3 marks a transformative shift in digital corporate governance, promoting efficient compliance and transparent access to corporate information. ICAI through its Corporate Laws & Corporate Governance Committee played a crucial role in supporting the initiative by organizing Stakeholders’ consultation meetings in various cities like Delhi, Chennai, Hyderabad, Kolkata, Guwahati, Ahmedabad, and Mumbai. These meetings facilitated open dialogue, allowing stakeholders to address challenges and find solutions for the seamless implementation of MCA 21 V3. The Ministry expressed deep appreciation for ICAI’s valuable assistance in this significant government initiative.

16. Pravasi Bhartiya Divas and Global Investors Summit

The ICAI as partner in Nation’s development joined hands with Madhya Pradesh Government and participated in the Pravasi Bhartiya Divas and Global Investors Summit in Indore from 8-12 January, 2023. The ICAI Pavilion provided instant expert advice to the NRIs and delegates. The ICAI showcased robots and AI/VR enabled applications which were a major attraction. The Institute curated a session on “Access Madhya Pradesh – Complete Business Solution” in the Global Investors Summit where renowned experts shared their knowledge about ease of doing business, compliances, infrastructure, accountancy & taxation to promote investment and growth of the state of Madhya Pradesh. The Hon’ble Finance Minister of Madhya Pradesh graced the session.

17. Capacity Building Initiatives for ICLS Officials

The ICAI is being recognised for its knowledge prowess and it is matter of pride that the Institute, as per the request of ICLS Academy, provided training to the Indian Corporate Law Service (ICLS) officials wherein knowledge has been imparted about the functioning of the institute, standard setting boards and also about disciplinary process.

All these developments reflect the continuous trust and faith bestowed by the government and its constituents in the contribution being made by the ICAI and further strengthen our position as ‘Partner in Nation Building’ and ‘Pillars of Economic Development’.

18. Certificate Course for Accountants of Panchayats and the Certificate Course for Accountants of Municipal Bodies

ICAI, in collaboration with the Comptroller & Auditor General of India, launched two online courses: the Certificate Course for Accountants of Panchayats and the Certificate Course for Accountants of Municipal Bodies. These initiatives aim to strengthen local governance and accounting, impacting 2.66 lakh Panchayats and municipal bodies by promoting financial discipline and creating local jobs in process. Enhanced accounting and reporting practices will foster rural inclusivity, aid in achieving SDGs, and improve the quality of life and societal development in urban and rural areas.

19. Training for officials from National Board of Accountants and Auditors (NBAA), Tanzania

Under the aegis of the MoU between ICAI & National Board of Accountants and Auditors (NBAA) to establish mutual co-operation framework in the areas of mutual interest; ICAI conducted a 5-day training commencing February 20, 2023 for the four-member delegation from NBAA on areas such as Examination system, functioning of Members and Students Directorate, UDIN & Digital Learning Hub, Career Counselling for students, CPE, Sustainability and Ethics. The training was highly appreciated by the delegates.

20. Trade Officers Round Table Conclave

Chartered Accountants plays a pivotal role in boosting global trade in services and ICAI partners with the government to enhance international recognition of Indian accountants. The ICAI undertakes various initiatives to promote export of goods and services aligned with the nation’s economic policies. In this context, a Trade Officers’ Roundtable Conclave was held in New Delhi on October 25, 2023, which witnessed the participation of 35 trade officials from various embassies along with representatives from Export Promotion Councils and Overseas Chamber of Commerce. The ICAI’s role in facilitating global trade, bilateral trade enhancement, investment promotion, and capacity-building for accounting professionals was highlighted along with exchange of MoU (renewal) with Export Promotion Council for EOUs and SEZs.

21. Supporting Women Entrepreneurship – Statement of Intent (SOI) with NITI Aayog

The Institute continuing its support to Women Entrepreneurship in the country has signed a Statement of Intent (SOI) with NITI Aayog, through its Professional Development Committee (PDC) on 3^rd October, 2023 in Goa in the presence of Hon’ble Chief Minister of Goa, CEO, NITI Aayog and Senior Advisor, NITI Aayog. Under the said arrangement, the ICAI shall provide its professional expertise through a panel of experts to the women entrepreneurs registered with the Women Entrepreneurship Platform (WEP) of the NITI Aayog, as well as its infrastructure and resources across the country for creating awareness about WEP.

22. Export of Accountancy Services – Training of Civil Servants

With export of accountancy services identified as one of the Champion services by the Government of India, a workshop in association with Ministry of Commerce & Industry, was organised at ICAI Headquarters for the newly recruited IAS officers in the Ministry to acquaint them about the Accountancy Service Sector and related Challenges and Opportunities. Our profession being a ‘pillar of economic development’ is committed to support India’s rise as a self-reliant global economy.

23. ICAI as a Prime partner for B20

Taking forward India’s economic growth story, the ICAI has become a prime partner with B20 dialogue. The partnership of ICAI with B20 as a Prime Partner reflects our commitment to support the Government in making India a Vishwaguru. Today the global economy requires transparent, robust accounting standards and practices for sustainable development to provide for a better future. Business 20 (B20) is the official G20 dialogue forum with the global business community. Established in 2010, B20 is among the most prominent enngagement Groups in G20, with companies and business organizations as participants. The B20 leads the process of galvanizing global business leaders for their views on global economic and trade governance issues and speaks in a single voice for the entire G20 business community. Under the partnership, the ICAI activity participated in programmes.

24. Shaping Education Landscape

(i) National Education Summit on Commerce & Accountancy 2024: The Institute organised a National Education Summit on Commerce & Accountancy (NESCA) on January 22^nd and 23rd, 2024, in New Delhi under the aegis of the Board of Studies (Academic), with an aim to synergize University Education with Professional Accountancy Education through an inclusive approach. The event was inaugurated by Hon’ble Vice Chairman, University Grant Commission, as the Chief Guest. The Summit drew participation from Vice Chancellors, Directors, Deans, Principals, HODs and professors from various commerce colleges and universities from over 20 States in India.

(ii) MoU between ICAI & Navodaya Vidyalaya Samiti (NVS): The ICAI has entered into a MoU with Navodaya Vidyalaya Samiti on 4th January 2024, to promote Commerce Education with special focus on the CA course amongst the students of Jawahar Navodaya Vidyalaya across the country.

(iii) Nurturing Talent – MoU entered with Educational Institutions: Being in the forefront of Commerce & Accountancy education, it has been the constant endeavor of Board of Studies (Academic) of ICAI to work towards enhancing the quality of Commerce & Accountancy education in India by collaborating with various educational institutions. Continuing in this direction, the ICAI through BoS (Academic) has entered into 56 MoUs with educational institutions from all over the country this year. These MoUs aspire to provide a holistic learning experience to the Commerce & Accountancy students in the country. ICAI has also renewed the Memorandum of Understanding (MoU) with Indira Gandhi National Open University (IGNOU) and under this renewed MoU, ICAI students will be eligible for credit transfer for courses they have completed through ICAI, up to 50% of the total credits of the IGNOU programme. Credit transfers will be facilitated on a course-to-course basis for Foundation, Intermediate and Final level courses.

25. Reshaping Examination System for the Future of Accountancy Profession

In line with global best practices and to better serve our students, starting this year, the Intermediate & Foundation course examinations will be conducted thrice annually, offering students more opportunities to excel. Exams will now take place in January, May/June, and September, as opposed to the previous schedule of twice a year. Meanwhile, the CA Final exam will continue to follow the traditional biannual format. This decision aims to reduce waiting times and provide ample chances for students to showcase their skills as also pursue their dreams. The institute is committed to supporting the aspirations of our students and look forward to their continued success.

26. ICAI Global footprints

During the Period under report, broadening global horizon 2 new Representative offices namely Netherlands (Rotterdam) and USA (Kansas) were opened. ICAI inaugurated six chapters namely USA (Arizona), USA (Seattle), Australia (Adelaide), USA (Philadelphia), USA (Michigan), and Egypt (Cairo), bringing the global footprint to 51 Chapters and 30 Representative offices in 81 cities across 47 countries.

27. Expanding ICAI Network

ICAI further strengthened and expanded its network in the country with the formation of new branches namely Satna (MP), Gandhinagar (Gujarat), Rajsamand (Rajasthan), Mandi Gobindgarh (Punjab), Mandsaur (Madhya Pradesh), Darbhanga (Bihar), Neemuch (Rajasthan), Muzaffarpur(Bihar), Bhagalpur (Bihar), Tonk (Rajasthan) & Raigarh (Chhattisgarh). With these new branches, ICAI national network will have 176 branches. These branches are pivotal at the local level to promote accountancy and support society and institutions in their growth and development as well as work towards the betterment of services to members and students at local level.

28. Launch of CA India Logo

Epitomizing the Institute’s dedication to India First approach and commitment to serve the Indian economy in public interest, the ICAI launched New CA India Logo. Each element of the new CA India logo tells a story of its profession’s dedication to excellence, transparency and accountability during the Global Professional Accountant’s Convention, 2023 held in November, 2023 in the august presence of Hon’ble Vice President of India.

29. AI in ICAI

To ride the AI & technology wave and revolution, the Institute has constituted the Committee AI in ICAI, with a vision to make the members and students competent in leveraging AI as a tool and contribute meaningfully to the growth story.

30. Aggregation of Firms

To support the vision of Viksit Bharat and develop India into a Global Hub for Accounting and Financial services, the ICAI has form the Committee for Aggregation of Firms with a vision to build global and large accounting Firms from India to serve global markets. ICAI is working to take constructive measures in building large Indian accounting Firms and provide all possible support in terms of resources and policy measures

31. Forensic Accounting and Investigation Standards

With the Dawn of Digital age and technological advancements, ICAI is leading the movement by being the first Accounting body to develop Forensic Accounting and Investigation Standards globally and making them mandatory since 1^st July, 2023.

32. Sustainability Reporting Standards

The Institute of Chartered Accountants of India (ICAI), through its Sustainability Reporting Standards Board (SRSB), has made significant strides in integrating sustainability reporting into its mission, creating opportunities for Chartered Accountants while upskilling and training its members via workshops, seminars, certificate courses, and technical literature on key sustainability topics. The SRSB also successfully organized the 3rd ICAI Sustainability Reporting Awards, honoring 19 companies for their leadership in Business Responsibility & Sustainability Reporting. Additionally, ICAI, through the SRSB and Public Relations Committee (PRC), launched the ICAI#75 Green Mahotsav initiative, celebrating ICAI’s 75th anniversary by planting 100,000 trees across India as part of the national India Van Mahotsav and ‘Ek Ped Ma Ke Naam’ campaign, with 10,500 trees already planted by branches and 2400 by individual members, demonstrating its dedication to environmental stewardship and sustainability.

33. Implementation of eOffice Platform

ICAI Advances into Digital Era with e-Office: Embracing the digital age to improve our operational efficiency and service delivery, on 5^th April, 2024, the e-Office platform, developed in collaboration with the National Informatics Centre and implemented by RailTel was launched. The e-Office initiative is aimed at enhancing productivity, ensuring transparency, and reducing the environmental impact of our operations. By moving to paperless transactions and enabling remote work capabilities, ICAI is not only optimizing its processes but also supporting sustainability.

34. Awards and Recognition

(i) ICAI receives Prestigious UNCTAD ISAR Honours Award at World Investment Forum: The ICAI’s initiative “Sustainability Reporting Standards Board (SRSB)” received an Award in UNCTAD ISAR Honours Ceremony at the World Investment Forum on 17^th October 2023 at Abu Dhabi. ICAI received the highest score in this year’s session of ISAR HONOURS among 70 initiatives from all over the world.

(ii) ICAI creates Guinness World Records – Igniting the Aspirations of Future Finance Leaders: The Institute has etched its impression by setting the Guinness World Record for conducting the ‘Largest Accounting Lesson’ ever held at a single location in the world. ICAI achieved this incredible milestone during the mega event ‘Career in Accounting & Finance for Youth (CAFY) and Super Mega Career Counseling Programme- Bhavishya ki Raah’ organized by Committee on Career Counselling of ICAI on 8^th September, 2023 at JECC, Jaipur. The event witnessed the gathering of more than 5000 comprising students, teachers, principals & others participating in the event and left an indelible mark on the enthusiastic young minds of India.

(iii) ICAI enters in Asia Book of Records for Maximum Number of Students Participation in Super Mega Career Counselling Programme: ICAI was inducted in Asia Book of Records for this feat and the jury of Asia Book of Records felicitated the Institute on 18th January, 2023 for setting the record for ‘Maximum Number of Students Participation in Super Mega Career Counselling Programme’. The First Drive of Programme was organized on October 31, 2022 and the Second Drive was held on November 26, 2022. A total of 1,60,648 students of classes IX till Graduation participated in the programme along with the Principals, Teachers and Career Counsellors. The programmes were conducted by 5 Regional Councils and 124 Branches. The Institute is the first organisation in Asia to set a record for counselling maximum number of students in one go.

(iv) ICAI Conferred with Green Ribbon Champions Award: ICAI has been at the forefront for leading the ESG drive in India with its pioneering initiatives like bringing out Social Audit Framework & Social Audit Standards, Standard on Assurance Engagements (SAE) 3410 – “Assurance Engagements on Greenhouse Gas Statements”, coming out with Sustainability Reporting Maturity Model (SRMM) Version 2.0, ICAI Sustainability Reporting Awards, and Certificate Course on BRSR, etc.

ICAI has been conferred with the Green Ribbon Champions Award by Network 18 for its commitment to Sustainable Accounting, Leadership role and commitment towards sustainability and inspiring work in making the world a greener place, in Delhi. The Award was presented by Secretary, Consumer Affairs, Food and Public Distribution, Government of India.

35. Other achievements

(i) ICAI RVO has received approval from IBBI to provide certification for the other two asset classes, namely Land & Building and Plant & Machinery in addition to Securities and Financial Assets creating further professional opportunities for members.

(ii) As part of ICAI’s 75^th year celebrations, ICAI organized 100 Income Tax Clinics with the publication support of Income tax Department to encourage tax compliance. The Tax Clinics not only assisted taxpayers in understanding intricacies of law but also raised awareness among the public regarding the importance of filing income tax returns and increase tax-payer’s base of the Country.

(iii) ICAI introduced the concept of Unique Document Identification Number (UDIN), a universal verification mechanism for ascertaining the authenticity of the documents signed by Chartered Accountants to create an environment of trust, transparency, and accountability necessary for obtaining long-term investment, financial stability, and sustainable growth. ICAI made it mandatory for various certificates and audits with effect from various dates in 2019. Till date over 6.6 crore UDINs have been generated, aiding in public trust and can support in economic analysis across districts for focused policy formulation.

(iv) The Board of Studies of ICAI has launched ICAI Digital Learning Campus Portal on 7^th May, 2024 which now features Self-Paced Online Modules (SPOM). This initiative represents a significant leap forward in enhancing the learning experience of students, providing flexibility and enriched content aligned with the New Scheme of Education and Training.

Index to the Report

S. No.	Particulars
1.	The Council
2.	Committees of the Council
3.	Auditors
4.	Standing Committees
4.1	Executive Committee
4.2	Finance Committee
4.3	Examination Committee
5.	Disciplinary Directorate
6.	Technical and Professional Development
6.1	Accounting Standards Board
6.2	Auditing and Assurance Standards Board
6.3	Committee for Members in Practice
6.4	Continuing Professional Education Committee
6.5	Corporate Laws and Corporate Governance Committee
6.6	Direct Taxes Committee
6.7	Committee on Economic, Commercial Laws and Economic Advisory & NPO Cooperative
6.8	Digital Accounting and Assurance Board
6.9	Ethical Standards Board
6.10	Expert Advisory Committee
6.11	Financial Reporting Review Board
6.12	GST and Indirect Taxes Committee
6.13	Board of Internal Audit and Management Accounting
6.14	Committee for Members in Industry and Business
6.15	Peer Review Board
6.16	Professional Development Committee
6.17	Committee on Public and Government Financial Management
6.18	Public Relations Committee
6.19	Research Committee
6.20	Sustainability Reporting Standards Board
6.21	Committee on Financial Markets and Investors’ Protection
6.22	Audit Committee
6.23	Digital Re-Engineering and Transformation Directorate
6.24	Management Committee
6.25	Insolvency & Valuation Standards Board
6.26	Taxation Audits Quality Review Board
6.27	AI in ICAI
6.28	Women Members Excellence Committee
6.29	Committee on MSME & Start-up
6.30	Committee for Aggregation of CA Firms
6.31	Professional’s Skill Enrichment Committee
7.	Development of International Trade, Services and WTO Directorate (Under International Affairs Committee)
8	Activities by Other Non Standing Committees
8.1	Committee for Members in Entrepreneurship and Public Services
8.2	Legal Directorate
8.3	Infrastructure Development Committee
8.4	International Affairs Committee
8.5	Strategy, Perspective Planning and Monitoring Committee
8.6	UDIN Directorate
8.7	Publication & CDS Directorate
8.8	Centre for Audit Quality Directorate
8.9	Centre of Excellence Directorate
8.10	Estate Development Directorate (under Infrastructure Development Committee)
8.11	Tender Monitoring Directorate
8.12	Human Resources Directorate
8.13	Grievance Resolution Directorate
8.14	Specific Fund Management Directorate
8.15	Financial & Tax Literacy Directorate (under Committee on Financial Markets and Investors’ Protection)
8.16	Right to Information Act, 2005
8.17	XBRL
8.18	ICAI- Accounting Research Foundation
8.19	ICAI Registered Valuers Organisation
8.20	Indian Institute of Insolvency Professionals of ICAI
8.21	The Institute of Social Auditors of India
8.22	Quality Review Board
9.	Other Matters
9.1	Chartered Accountants’ (CA) Day – 1st July, 2023
9.2	Central Council Library
9.3	Editorial Board
10.	Members
10.1	Membership
10.2	Convocation 2022-23
11	Board of Studies
12.	Committee on Career Counselling
13.	Regional Councils and their Branches (RBA Directorate)
14.	Finance and Accounts
15.	Appreciation
	Composition of the Council (2024-2025)
	Audited Annual Accounts

1. THE COUNCIL

The Twenty-Fifth Council was constituted on 12^th February 2022. It comprises of 32 elected members and 8 members nominated by the Central Government. Composition of the 25^th Council is disclosed separately. 13 Council meetings were held during duing financial year 2023-24.

2. COMMITTEES OF THE COUNCIL

The Council in terms of Section 17 of the Chartered Accountants Act, 1949 constitutes every year on 12^th February; various Standing and Non-Standing Committees/Boards and Groups to regulate and develop the profession of Chartered Accountancy. During the financial year ended 31^st March 2024, 536 meetings of the said Standing and Non-Standing Committees / Boards and Groups were held.

3. AUDITORS

M/s Arun K Agarwal & Associates & M/s S.K. Mittal & Co were the joint auditors of the Institute for the financial year 2023-24 appointed from the panel maintained by Comptroller and Auditor General of India. The Council wishes to place on records its appreciation of the services rendered by them.

4. STANDING COMMITTEES

The Council of ICAI has the following Standing Committees:

4.1 Executive Committee

4.2 Finance Committee

4.3 Examination Committtee

4.1 Executive Committee

The functions of this Committee include matters relating to articled and audit assistants and enrolment, removal, restoration of members from the Register, cancellation of certificate of practice, permission to engage in any other business or occupation other than profession of accountancy. Executive Committee is also the custodian of the property, assets and funds of the Institute beside maintenance of the Institute’s offices. The Executive Committee met 8 times during the year.

4.2 Finance Committee

This Finance Committee controls, implements and supervises the activities related with and incidental, inter alia, to maintenance of true and correct accounts, formulation of annual budget, investment of the funds, and disbursements from the funds for expenditure – both Revenue and Capital Nature. The Finance Committee met 5 times during the year.

4.3 Examination Committee

All functions of the Council of ICAI relating to the Examination are being performed by the Examination Committee. The Committee conducted the Chartered Accountancy Exams through out the Country as well as aborad in flawless manner. The details of the examinations are given below:

(I) Examination

May/June 2023

The Chartered Accountants May Examinations for Intermediate, Final Course and International Taxation Assessment Test (INTT-AT) under Post Qualification Course were smoothly conducted all over the country and abroad in 553 centres with social distancing norms and following the Covid Guidelines from 2^nd May 2023 to 18^th May 2023 and Foundation exam was held on 24^th, 26^th, 28^th and 30^th June 2023. The total numbers of candidates, who appeared in the said Foundation, Intermediate, and Final Examination and passed, were as follows:

Main (Intermediate, Final and PQC) Exams:

	Appeared and Passed Group I		Appeared and Passed Group II		Appeared and Passed Both Groups
	Appeared	Passed	Appeared	Passed	Appeared	Passed
Intermediate	100781	19103	81956	19208	39195	4014
Final	57067	6795	61844	19438	25841	2152

–

	Appeared	Passed
INTT – AT held in May 2023	141	50

Foundation Exam:

	Appeared	Passed
Foundation Examination, June 2023	103517	25860

November/December 2023

The Chartered Accountants November Examinations for, Intermediate, Final and International Taxation Assessment Test (INTT-AT) and Insurance and Risk Management Technical Examination (IRM) under Post Qualification Course were smoothly conducted all over the country and abroad in 566 centres with social distancing norms from 1st November 2023 to 17^th November 2023 and Foundation exam was held on 31^st December 2023 and 2nd, 4^th and 6th January 2024. The total numbers of candidates, who appeared in the said Foundation, Intermediate and Final Examination and passed, were as follows:

Main (Intermediate, Final and PQC) Exams:

	Appeared and Passed Group I		Appeared and Passed Group II		Appeared and Passed Both Groups
	Appeared	Passed	Appeared	Passed	Appeared	Passed
Intermediate	117304	19686	93638	17957	53459	5204
Final	65294	6176	62679	13540	32907	3099

The Insurance and Risk Management Technical Examination and International Taxation-Assessment Test (INTT-AT) for members was held successfully in November 2023. The total numbers of candidates, who appeared and passed in this examination, were as follows:

	Appeared	Passed
IRM – Technical Examination, November, 2023	21	3
INTT – AT held in November 2023	165	96

OPEN BOOK METHOD EXAMS FOR INTERNATIONAL TAXATION ASSESSMENT TEST (INTT AT) UNDER POST QUALIFICATION COURSE:

W.e.f. November 2022, International Taxation Assessment Test (INTT – AT) of Post Qualification Course Examination is of 4 hours which is held on open book methodology. In this regard, it was decided as follows:

• Under the Open Book Method for International Taxation (INTT -AT) exam, Candidates are permitted to bring their own material to the exam hall and consult them for answering the questions in the exam. Such material may include study materials, practice manuals, revisionary test papers supplied by ICAI, textbooks, bare Acts, notes by students or any other reference material.
• Candidates are not permitted to bring mobile phones, I pads, or any other electronic devices into the exam hall.
• Exchange of any material amongst candidates are not permitted inside the examination hall/room. Foundation Exam:

	Appeared	Passed
Foundation Examination, December 2023	137153	41132

ISA –AT

Information Systems Audit Assessment Test (ISA -AT) for post qualification course was held successfully in July 2023 and January 2024 all over the country. The total numbers of candidates, who appeared in these examinations and passed, were as follows:

	Appeared	Passed
ISA – AT, July 2023 (New Course)	3066	315
ISA – AT, January 2024 (New Course)	2767	221

ADVANCED ICITSS TEST

During the year Advanced Integrated Course on Information Technology and Soft Skills (AICITSS) were successfully conducted as per details given below:

AICITSS-AITT Date	No of Examination Centres	No of Places (cities) where Examination Centre were set up	No. of candidates appeared	No. of candidates passed
24-Jun-23	86	75	6325	6319
30-Jul-23	86	81	4047	4030
26-Aug-23	74	74	2256	2254
23-Sep-23	83	76	4185	4174
23-Dec-23	78	76	3874	3871
20-Jan-24	74	73	3134	3119
24-Feb-24	86	82	4975	4803
30-Mar-24	107	93	7936	7790

Statistics of Number of Examination Centers and Students

The Institute has continuously been improving its Examination Process right from the question paper setting up to declaration of results so that the integrity and sanctity of the examination system, which is well known for around seven decades, are maintained and further strengthened and developed. The Institute’s examinations test the conceptual understanding as well as practical application of each of the topics covered in the CA curriculum so that the students could meet the expectations of the stakeholders of the profession. By focusing on analytical abilities of the students and by avoiding predictability of questions, Institute’s examinations continue to ensure that those qualifying are well groomed professionals.

NUMBER OF EXAMINATION CENTRES WHERE CHARTERED ACCOUNTANT EXAMINATIONS WERE CONDUCTED DURING 2023 – 2024 IN INDIA AND ABROAD

Examinations	May / June 2023	November / December 2023
Foundation Course	500	562
Main i.e., Final & Intermediate	552	566
Post Qualification Course  –    International Taxation – Assessment Test	98	104
Post Qualification Course – Insurance and Risk Management (IRM)	—	35
Post Qualification Course – Information System Audit – Assessment Test	116 (July 2023)	55 (Jan 2024)

STATISTICS OF STUDENTS ADMITTED IN THE EXAMINATIONS OF THE INSTITUTE HELD IN THE YEAR 2023

Examinations	May / June 2023	November / December 2023
Foundation Course	117068	152595
Intermediate	173462	185289
Final	110519	110841
Post Qualification Course     –    International Taxation      – Assessment Test	291	309
Post Qualification Course – Insurance and Risk Management (IRM)	—	37
Post Qualification Course – Information System Audit – Assessment Test	3801 (July 2023)	3715 (January 2024)

(II) Integeration of ICAI Examination Application Forms with Self Service Portal (Ssp)

The ICAI Examination Application Forms are integrated with Self Service Portal (SSP) from the other standalone portal. The integration was continued in CA May and November 2023 examinations. The integration enables the students to effortlessly fill the CA exam forms at Self Service Portal (SSP) where student details i.e photograph, signature, exemption etc are auto filled and it helps in establishment of eligibility of student to appear for the exam (as per ICAI eligibility criteria for exams) at form filling stage itself. Apart from applying for the exam, student can change his city/group/medium of examination (via Correction window) and can download his/her admit card for the exams as these activities are also integrated in the Self Service Portal (SSP).

(III) Special Exam Under MRA/MoU/OCI Scheme

The Chartered Accountant Special Examination for Members of Institutions with whom ICAI had entered into Mutual Recognition Agreement (MRAs) / Memorandum of Understanding (MOUs) was held smoothly from 12^th to 14^th June, 2023. Special Examination for Overseas Citizens of India (OCI) Scheme was held on 16^th June 2023.

(IV) Web-Interface on Students Exam Life Cycle Management

ICAI embarked on an integrated web-interface called Student Exam Life Cycle Management Project, where CA students using a single user ID and password, can access various examination related services, including application for duplicate marksheets/pass certificates/transcripts, change of centre/medium/group, downloading admit cards, checking results, and applying for verification/seeking certified copies of answer books post result etc. from exam to exam.

(V) Digital Marking/Digital Evaluation

Continuing on the path of 100% Digitalization approx. 33.48 lakh answer books were digitally evaluated in the year 2023-2024. Complete Digitization has resulted in faster evaluation, error-free result and as well as ease and convenience for examiners.

(VI) Digital Workshop/ Webcast For Examiners

Continuing on the path of conducting examiners workshop in Digital Mode, Approx 9000 examiners attended Digital Workshop in the year 2023-2024. Digital Workshop had resulted in huge cost savings as well as ease and convenience for examiners helping them to attend the Workshops from their place of living who otherwise had to travel from long distances to attend the physical workshop. Programme(s) for enhancing the quality & consistency of evaluation of answer books through webcast for examiners were successfully conducted for May/June 2023 and November/December 2023 Examinations. This initiative is expected to go a long way in improving the quality of evaluation.

(VII) Eligibility Test for Existing and New Examiners

Eligibility test were conducted for existing examiners whereby only those existing examiners are allotted examinership assignment who pass the mandatory eligibility test. Similarly new applicants have to pass the mandatory eligibility test who want to empanel as an examiner. A large exercise was carried out in year 2023-24 to empanel large number of new examiners as well as to renew the examinership of those examiners whose 3 years validity period was getting completed. As a result of this exercise approx. 2484 new and existing examiners passed the test and became part of examiners panel.

(VIII) Webcast for Examination Functionaries / Webcast for Centres & Observers

Webcast on guidelines for observers, examination centres, Bank of Baroda, Examination Co-ordinators were successfully done for May/June 2023 and November/December 2023 Examinations.

(IX) Observer Web Portal & Mobile App (Android/IOS)

A web portal http://observers.icaiexam.icai.org for facilitating all activities relating to Observers, appointed in examination centres, including registration, hosting of details of assignments allotted, submission of acceptance letters/daily reports/claims for honorarium etc, development of Observer Portal and Mobile App was put in place. Introduction of Mobile app became very helpful in ensuring collection of sealed packets of correct code meant for the day.

(X) Centre Web Portal

A web portal http://centres.icaiexam.icai.org was put in place for capturing of absentee data online, on the day of the exam, on a daily basis.

(XI) Online Examination Application Form for PQC Exams

For appearing in the Post Qualification Course Examinations i.e. International Taxation – Assessment Test (INTT – AT) and Insurance and Risk Management (IRM) Technical Examination (which is open to the members of the Institute), the members are applying online at pqc.icaiexam.icai.org by remitting examination fee on-line by using VISA or MASTER or MAESTRO Credit / Debit Card / Rupay Card / Net Banking / Bhim UPI.

5. Disciplinary Directorate

The Disciplinary Directorate, the regulatory wing of ICAI, investigates into matters of Professional and/or Other Misconduct alleged against members, received either in the form of a ― Formal Complaint in Form I or through the Information route as provided under the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases), Rules, 2007.

Under the disciplinary mechanism, a mandatory duty has been cast upon the Disciplinary Directorate of ICAI to look into any alleged lapses/irregularities committed by its members across the country so that not only the stakeholders and public at large continue to repose its trust on the profession but also provide a yardstick of acceptable professional conduct to the members of the profession at large. While most of the members of the profession are providing selfless dedicated services through their professional expertise and experience to the society and world at large, yet through its robust Disciplinary mechanism there is a constant need to caution and to correct the negligible few who inadvertently fall on the wrong side of the law.

In terms of the amendments made in the Chartered Accountants Act, 1949 in the year 2006, the disciplinary mechanism of ICAI underwent certain important and path-breaking changes in the provisions of procedures for conduct of disciplinary cases so as to speed up the process of disposal of disciplinary cases. Accordingly, as on date, the disciplinary mechanism functions through its two quasi-judicial arms constituted as per the provisions of the Chartered Accountants (Amendment) Act, 2006 namely:

• Board of Discipline and
• Disciplinary Committee

The disciplinary mechanism and the processes involved are designed in such a manner which ensures transparency and thereby, enhances the confidence of the stakeholders and the public at large and at the same time, provides fair and equitable justice to the members charged with allegations of Professional and/or Other Misconduct.

In order to further strengthen the accountability of the practitioners and firms and to ensure that justice is delivered in a reasonable span of time, the Chartered Accountants Act, 1949 has been further amended in 2022. However, the date with effect from which the disciplinary provisions shall be applicable is yet to be notified.

During the current Council year i.e. 2024-2025, five Benches of the Disciplinary Committee i.e. Bench I, Bench II, Bench III, Bench IV and Bench V(MNAF cases) and one Bench of the Board of Discipline were constituted to have an expeditious disposal of cases under enquiry apart from the consideration of the Prima Facie Opinion formed by the Director (Discipline). In addition, the Disciplinary Committee under Section 21D headed by the President, ICAI was also constituted to look into any residual old cases that are/may be referred back.

(I)   SALIENT INITIATIVES/ACHIEVEMENTS

• Successful conduct of E-hearings with the effective participation of the members of the Board of Discipline/ Disciplinary Committee. It has acted as a boon as besides being time and cost-effective, it has ensured that parties to the case appear before the Board of Discipline/Disciplinary Committee without having to worry about the travel costs. The effectiveness of e- hearing is clearly reflected in the volume of cases that has been disposed of in the meetings of the Board of Discipline and Disciplinary Committee as stated in subsequent paras.
• The details of disciplinary cases decided by the Board of Discipline/Disciplinary Committee as well as the Cause list of cases amongst other things are also being hosted on the dedicated web portal of Disciplinary Directorate so as to create more awareness amongst various stakeholders and to provide a one stop point for dissemination of information pertinent to the Disciplinary Directorate.
• For digitisation of the records of Disciplinary Directorate, the scanning of the physical records of the Disciplinary Directorate is already in place providing access to even old disciplinary records.
• As on date, all residual cases under old Disciplinary mechanism (under Section 21D) stands heard and concluded by the Disciplinary Committee barring one case which is currently before Council in view of recent order of Hon’ble Supreme Court.

(II) BOARD OF DISCIPLINE

The Board of Discipline has been constituted by the Council of ICAI under Section 21A of the Chartered Accountants Act, 1949 so as to look into matters of Professional and Other Misconduct by members falling under First Schedule to the Chartered Accountants Act, 1949 and/or cases wherein the members are held prima facie NOT Guilty of any misconduct by Director (Discipline). During the period (i.e. 1^st April, 2023 to 30^th June, 2024), the Board of Discipline held 55 meetings at various places including meetings through physical/video conference. In these meetings, the Board concluded its enquiry in 126 cases, including cases which had been referred to it in previous years. The statistical break-up of the cases decided by the Board of Discipline is given below:

Sl. No.	Particulars	No. of Cases
a)	No. of meetings of the Board of Discipline held during the aforesaid period	55
b)	Number of Complaint/Information cases considered by the Board of Discipline (under Section 21A) wherein prima facie opinion of the Director (Discipline) was Formed (including cases considered under Rule 6/Rule 12)	418
c)	Number of cases (Complaint/Information cases) in which enquiry was completed by the Board of Discipline (including those cases, which were referred to the Board of Discipline during the earlier years)	126
d)	Number of cases (Complaint/Information) in which punishment has been awarded by the Board of Discipline (including those cases, which were referred to the Board of Discipline during the earlier years.	63
e)	Number of miscellaneous matters considered (under Rule 5(6), jurisdiction issue, etc.)	1691

(III) Disciplinary Committee

The Disciplinary Committee has been constituted by the Council of ICAI under Section 21B of the Chartered Accountants Act, 1949 so as to look into matters of Professional Misconduct by members which fall within the purview of Second Schedule or both First and Second Schedules to the Chartered Accountants Act, 1949. During the period (i.e. 1^st April, 2023 to 30^th June, 2024), Disciplinary Committee (all benches) held 133 meetings including meetings through physical/video conference mode. During the course of the aforesaid meetings, the Committee concluded its enquiry in 309 cases, which included cases referred to it in previous years. The statistical break-up of the cases decided by the Disciplinary Committee is given below:

Sl. No.	Particulars	No. of Cases
a)	No. of meetings of the Disciplinary Committee held during the aforesaid period	133
b)	Number of Complaint/Information cases considered     by     the       Disciplinary Committee (under Section 21B) wherein prima facie opinion of the Director (Discipline) was formed	183
c)	Number of cases (Complaint/Information cases) in which enquiry was completed by the Disciplinary Committee* (including those cases, which were referred to the Disciplinary Committee during the earlier years).	309
d)	Number of cases (Complaint/Information) in which punishment has been awarded by the Disciplinary Committee* (including those cases, which were referred to the Disciplinary Committee during the earlier years).	142

(IV) Disciplinary Committee under Section 21D

The Disciplinary Committee functioning under the provisions of Section 21D of the Chartered Accountants Act, 1949 conducts enquiry and submits its report to the Council in respect of residual cases pending prior to the amendments made in the aforesaid Act in 2006.

Cases dealt with under the Old Disciplinary Mechanism [Section 21D]

Since all the residual cases were already heard and concluded by the Disciplinary Committee in 2018, during the period under review, no meeting of this Committee was held. During the aforesaid period, except in one case referred back by the Honorable Supreme Court of India, no other report of the Disciplinary Committee was pending for consideration before the Council. Further, during reporting period, in respect of misconduct falling under First Schedule, an order has been passed by the Council after providing an opportunity of hearing (could not be taken earlier due to stay in the matter) to the Respondent under Section 21(4) of the Chartered Accountants Act, 1949 (unamended).

6. TECHNICAL AND PROFESSIONAL DEVELOPMENT

6.1 Accounting Standards Board (ASB)

The Accounting Standards Board (ASB), established by ICAI in 1977, aims to develop Accounting Standards to ensure a robust, reliable, and high-quality accounting and financial reporting system in India. Its primary goals include harmonizing accounting policies and practices across the country and aligning standards with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). Over the years, the ASB has continuously updated and revised existing standards while formulating new ones to meet evolving business landscapes, economic conditions, and regulatory requirements. Additionally, to ensure consistent application of these standards in a complex business environment, the ASB issues various guidance materials periodically. ICAI, through the ASB, formulates Accounting Standards for Companies under Section 133 of the Companies Act, 2013,. Furthermore, ICAI also formulates and issues Accounting Standards that are applicable to non-company entities.

The following are the major activities undertaken by the Accounting Standards Board (ASB) during the period under Report:

(I) Financial Reporting Standards:

• Amendments to Ind AS – Companies (Indian Accounting Standards) Amendments Rules, 2023 has been notified by the Ministry of Corporate Affairs (MCA) on March 31, 2023, as recommended by ICAI under section 133 of the Companies Act, 2013. These amendments to Ind AS are effective for annual reporting periods starting on or after April 1, 2023.
• As a part of Ind AS Implementation initiatives, Educational Material on Ind AS 12, Income Taxes, was released. Also, fifteen (15) batches of online courses of Certificate Course on Ind AS have been conducted through the Digital Learning Hub (DLH) platform of ICAI.
• Amendments to the Ind AS and AS on the following subjects have been recommended by the ICAI u/s 133 of the Companies Act 2013 during the year
• Lease Liability in a Sale and Leaseback – Amendments to Ind AS 116,
• Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants – Amendments to Ind AS 1, Presentation of Financial Statements.
• Supplier Finance Arrangements – Amendments to Ind AS 7 and Ind AS 107.
• International Tax Reform—Pillar Two Model Rules – Amendments to Ind AS 12, Income Taxes.
• International Tax Reform—Pillar Two Model Rules – Amendments to AS 22, Accounting for Taxes on Income.
• Lack of Exchangeability – Amendments to Ind AS 21, The Effects of Difference in Foreign Exchange Rates.
• Recommendations regarding Accounting Standards for Limited Liability Partnerships have been submitted as per section 34A of the Limited Liability Partnership (Amendment) Act, 2021.

(II)     International initiatives: Forging long lasting partnership

• In order to play an active role in standard setting at global level, comments are submitted on the various Consultative Documents/Exposure Drafts/Discussion Papers/Tentative Agenda Decisions), issued by the International Accounting Standards Board (IASB) and IFRS Interpretations Committee IFRS (IC) and other international bodies. Following are the details of the submissions during the period:

>Comments submitted on the following consultative documents issued by IASB and other international bodies:

∴ Exposure Draft on International Tax Reform—Pillar Two Model Rules—Proposed Amendments to the IFRS for SMEs Standard.

∴Exposure Draft on Amendments to the Classification and Measurement of Financial Instruments (Proposed amendments to IFRS 9 and IFRS 7).

∴Request for Information (RFI) on Post-Implementation Review (PIR) of IFRS 9 Financial Instruments Impairment.

∴Request for Information (RFI) on Post-Implementation Review (PIR) of IFRS 15, Revenue from Contracts with Customers.

∴Exposure Draft on International Non-Profit Accounting Guidance (INPAG)- Part 1

∴Exposure Draft on International Non-Profit Accounting Guidance (INPAG)- Part 2

∴Exposure Draft on Annual Improvements to IFRS Accounting Standards—Volume 11

∴Exposure Draft on Financial Instruments with Characteristics of Equity – Proposed amendments to IAS 32, IFRS 7 and IAS 1.

> Comments submitted to IFRS Interpretations Committee (IFRS IC) on its following Tentative Agenda Decisions (TAD):

∴ Guarantee over a Derivative Contract (IFRS 9)

∴ Homes and Home Loans Provided to Employees

∴ Premiums Receivable from an Intermediary (IFRS 17 and IFRS 9)’

∴ Merger between a Parent and Its Subsidiary in Separate Financial Statements (IAS 27)’

∴ Payments Contingent on Continued Employment during Handover Periods (IFRS 3).

∴ Climate-related Commitments (IAS 37)

∴Disclosure of Revenues and Expenses for Reportable Segments (IFRS 8)

• ICAI representatives actively participated in meetings of various international standard setting forums, such as, the Emerging Economies Group (EEG), International Forum of Accounting Standard Setters (IFASS), and Asian-Oceanian Standard-Setters Group (AOSSG). The following papers raising Indian concerns were also presented:

> At the 15^th Annual AOSSG meeting, As a part of panel discussion with Australia and Korea, the Chairman, ASB, presented on the implementation issues in IFRS 15, Revenue from Contracts with Customers in Indian jurisdiction.

> At the Meeting of IFASS held on April 17-19, 2024, Hon’ble Vice President, ICAI presented on topic “Accounting of Financial Instruments” wherein the issue involved in implementation of Indian Accounting Standard on Financial Instruments i.e. Ind AS 109 were presented.

> At the Meeting of IFASS held on September 26-27, 2023, Vice-Chairman, ASB, participated as a panelist in the panel discussion on “Sustainability reporting implementation issues, capacity building, and implementation guidance”.

(III) Building robust relationship with Regulatory Bodies

• ASB continued working towards views on the various accounting issues referred by various Regulators (such as, Ministry of Corporate Affairs, Reserve Bank of India, SEBI, IRDAI, etc.) and, wherever felt appropriate, various accounting issues were taken up with the relevant Regulators.

(IV) Webcasts/Webinars/Outreach Meetings

• Conducted of 16 webcasts/webinars/outreach meetings to create awareness and dissemination of necessary knowledge on Accounting Standards and Ind AS formulated by the ASB.

(V) Other Initiatives:

• The 2^nd Accounting Standards Day was celebrated on April 22, 2024 in New Delhi, with discussions on the framework, formats, and applicability of Accounting Standards, along with addressing critical aspects concerning standards related to assets, expenses, and revenue.
• A revamped website was launched at the 300^th Meeting of ASB to share with members the latest developments on accounting aspects and knowledge dissemination activities.
• Short videos were developed on Formats of Financial Statements for Non-Corporate Entities & LLPs, Accounting for NPOs. A short video on Journey of ASB has also been released.
• A Monthly Accounting Quiz was created and launched this year as an educational tool to simplify accounting & finance topics so that stakeholders can learn and propel their understanding on the same.

(VI) Publications released

• Guidance Note on Financial Statements of Non-Corporate Entities
• Guidance Note on Financial Statements of Limited Liability Partnerships
• Accounting Standards: Quick Referencer (As on February 2024)
• Indian Accounting Standards (Ind AS): An Overview (Revised 2023)
• Technical Guide on Preparation of Financial Statements under Cash basis of accounting
• Indian Accounting Standards (Ind AS): Disclosures Checklist (Revised April 2024)
• Technical Guide on Accounting for Not-for-Profit Organisations (NPOs) (Revised 2023)

6.2 Auditing and Assurance Standards Board (AASB)

Audit plays an important role in serving and protecting the public interest by strengthening accountability and reinforcing trust and confidence in financial reporting. Audit helps enhancing the economic prosperity, expanding the variety, number and value of transactions that people enter into. However, in the recent years, due to growing complexity of business environment and business models and their geographical spread, the auditing profession is witnessing a quantum leap in the expectations from the various stakeholders. The ICAI recognizes the pressing need to respond to these expectations proactively.

ICAI through its Auditing and Assurance Standards Board develops high quality standards on auditing, review, other assurance, quality control and related services. These Standards not only codify the best practices in audit, they also provide the benchmark against which the performance of the auditors can be measured. The Board also develops Guidance Notes on generic as well as industry specific issues in auditing, with the prime objective of providing guidance to the auditors. These documents, after a rigorous due process of the Board, are issued under the authority of the Council of the ICAI. The auditing standards issued by the ICAI are harmonized with the International Standards issued by the International Auditing and Assurance Standards Board (IAASB). The Board also formulates Technical Guides, Practice Manuals, Studies and Other Papers which are issued under its own authority for the guidance of the members. To provide guidance to the members in the implementation of Standards on Auditing, the Board also brings out Implementation Guides to those Standards.

The following is a comprehensive overview of important achievements of the Board till date:

(I) Standards issued

• SA 800(Revised), Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks.
• SA 805(Revised), Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.
• SA 810(Revised), Engagements to Report on Summary Financial Statements.

(II) Representations/ suggestions to Ministries, Regulators

• On request of SEBI, the Board developed the “Format of Statement of Management Disclosures on Digital Assurance and Auditor’s Report”. The Format has been submitted to SEBI.
• The Board has collaborated with Indian Banks’ Association (IBA) to develop a common platform for balance confirmation for banking sector. ICAI has entered into a tri-party MOU with IBA and PSB Alliance Private Limited on the matter. Development of the platform is in progress.
• The Board finalised seven Engagement and Quality Control Standards [SQM 1, SQM 2, SA 220(Revised), SA 250(Revised), SA 315(Revised), SA 540(Revised), SRS 4400(Revised)]. Out of these Standards, four revised Standards on Auditing [SA 220(Revised), SA 250(Revised), SA 315(Revised), SA 540(Revised)] have been submitted to NFRA for notification of Standards on Auditing under Companies Act, 2013.

(III) Contribution at International Platform

• Vice-Chairman, AASB has been appointed as a Board member of the International Auditing and Assurance Standards Board (IAASB), with effect from January 1, 2024, for a term of three years.
• Vice-Chairman, AASB attended the IAASB meeting held in March 2024 at New York, USA.
• Vice-Chairman, AASB attended the IAASB meeting held in June 2024 at Madrid, Spain.

(IV) Announcements Issued

• Amendment to the “Clarification Regarding Authority Attached to Documents Issued by the Institute” and Consequential Amendment to the “Preface to the Standards on Quality Control, Auditing, Review, Other Assurance and Related Services” ·

(V)       Initiatives for the Members

• The Board organized various seminars, conferences, workshops, webcasts on Engagement and Quality Control Standards, bank audit and other auditing aspects for awareness and professional enhancement of the members. The Board constituted an online panel of experts to address Bank Branch Audit related queries of the members for financial year 2023-24. The Panel addressed queries from 1^st April 2024 to 30^th April 2024.
• The Board constituted an online panel of experts for addressing queries related to statutory audit pertaining to auditing aspects for financial year 2023-24. The Panel will address queries from 16^th April 2024 to 30^th September 2024.

(VI) Publications issued

• Technical Guide on Audit of Non-Banking Financial Companies (Revised 2023 Edition).
• Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (Revised 2024 Edition).
• Guidance Note on Audit of Banks 2024 edition.
• Guidance on Non-Compliances Observed by Quality Review Board During Quality Reviews (Volume 1).

6.3 Committee for Members in Practice (CMP)

The Committee for Members in Practice (CMP) of the Institute of Chartered Accountants of India is a non-standing Committee formed under regulatory provisions of Chartered Accountants Act, 1949 to address the issues of profession and challenges faced by the CA Firms & Members in Practice. It aims to encourage and enhance close links between the Institute and the Chartered Accountants, so as to provide them, a base of reference in terms of knowledge, expertise, skills and assistance in their professional growth. The Committee works towards enhancing the capacity building of members in practice and CA firms, empowering practicing members by developing and upgrading their professional competence and enhancing their professional skills and knowledge, enabling them to provide top-tier services to clients both within India and globally.

To support ICAI’s mission of developing skilled professionals who can meet global demands, the CMP organizes various initiatives such as workshops, conferences, seminars, certificate courses, brainstorming sessions, and interactive sessions. These activities aim to expand the knowledge base of members in practice, helping them manage their practices more efficiently and identify emerging and specialized service areas. Through these dedicated endeavors, the CMP strives to equip members with the technical skills and cross-cultural understanding necessary to excel in a globalized market.

The Committee has undertaken the following Activities/Initiatives during the year:

(I) List of arrangements under “Member Benefit” of ICAI Insurance Products

• Term Insurance scheme through HDFC (Group Poorna Suraksha)
• Group Term Insurance scheme through LIC
• Health Insurance by New India Assurance Company
• Personal Accident Policy by New India Assurance Company
• House Holder Insurance Policy by New India Assurance Company
• Motor Vehicle Insurance by New India Assurance
• Professional Indemnity Insurance by New India Assurance
• Office Protection Shield Policy by New India Assurance

Software Products

• Tally Prime Software at special price
• Quick Heal Antivirus Software
• Microsoft Office 365 Licenses (M365 Business Basic and M365 Business Standard) on discounted prices
• GST Software by Microvsita
• TDS Software by Express TDS
• Accounting Software by ZOHO
• All-in-One Accounting and Compliance Software
• Automating Account Confirmations and Reconciliation Software
• Simplify Practice Management Software
• GST Annual Return Software
• XBRL Software
• Access to NeSL IU for Audit (free access of IU in respect of client company)
• Accounting Automation Software Suvit
• Video Conferencing Software Mymeet
• Billing Software My bill book
• AI Audit Automation tool Assure AI
• GST Software Bill Mantra
• TDS Software- TDSMan
• App for Balance Confirmation and Other Digital Communications by Click2confirm
• Best offers on GST Software by SAG Infotech
• Billing and Accounting app by Fynone
• Easy office Income Tax, TDS, CMA, GST Software
• Digital Confirmation/Reconciliation | 15CA/CB Automation | MCA Struck Wraptax

Publications

Special offer on Budget Publications & Other Publications

Loan Facilities

• SME Finance for Chartered Accountants under CLP by SBI
• BOB Credit Cards
• Online PSB Loans

Healthcare Services

• Discounted diagnostic and related healthcare tests by Dr. Lal Pathlabs
• Discounted healthcare services by Medanta
• Healthy Benefit Plan -by Truworth Wellness (Specially curated health plan for CAs on Discounted Rates)
• Discounted Healthcare Benefits by Max Health care
• Discounted Health Care Services provided by Fortis Healthcare Limited for the Members, Students, Employees of ICAI & their dependents.
• Discounted Health Care Services provided by Appollo Pro Health Limited for the Members, Students, Employees of ICAI & their dependents
• Healthy Benefit Plan -by Truworth Wellness (Specially curated health plan for CA’s on Discounted Rates)

Other Benefits

• Exclusive offer on Products from Samsung Electronics

(II) Capacity Building Measures

Development of Digital Audit Tools

ICAI envisions the technology empowerment of its members, transforming them into future-ready accountants with the ability to lead, create and innovate in the digital era.

Practice Management Software

To enhance operational efficiency, ICAI launched an advanced Practice Management Software on January 21, 2023, available free of cost to its members. This software is designed for CA practitioners and firms to aid in serving their clients and managing daily office activities. It includes features such as jobs and billing, capacity planning, documentation, a centralized client database, and time sheets, providing technological advantages to all firms. Practitioners and firms can register for the Practice Management Software at https://cacloud.ca.in/.

Total No. of Registrations of Practicing Management Software were 8077. The region wise users of said software are as follows:

Particulars	Northern Region	Western Region	Eastern Region	Southern Region	Central Region	Total
Proprietor	6	15	1	70	3	95
Partnership	991	3103	373	1790	1725	7982
Total	997	3118	374	1860	1728	8077

(III) Virtual Certificate Courses

• Certificate Course on Wealth Management and Financial Planning (WMFP)
• Certificate Course on Working Paper Management
• Certificate Course on Preparation of Appeals, Drafting of Deed & Documents and Representation before Appellate Authorities and Statutory Bodies

Promoting Networking & other consolidation measures of CA firms–

Networking of Firms is a facility provided to CA Firms for collective association to share collective resources for providing better professional services making it available at multi location places. The Committee is promoting Merger, Networking, Practice in Corporate Form for Practitioners/CA Firm spreading knowledge by conducting Two Days National Networking Summit on Accelerating & Maximizing Practice at Regional Councils and Workshop on Accelerating & Maximizing Practice in the Branches of ICAI.

(IV) Programmes/Seminar/Conference/Orientation Programmes/National Networking Summit/Networking Workshop

The Committee has conducted various Workshops/Programmes/Conferences/Seminars/Orientation Programmes/ National Networking Summit/VCM/Webinar on GST & capacity Building, Current issues in Practice, Accelerating & Maximizing Practice, CA Practice Growth Strategies, Networking: Connect Share and Grow Domestic, International, Corporate form of Practice, CA Connect, etc., Sunrise Areas of Practice: GST/IBC /Valuation/ Forensic/ Govt. Accounting/ Internal Audit/KPO/ Cooperatives/ System Audit etc, Min fees Recommendations, Fees as per New Code of Ethics, Tender Guidelines, Role of Tender Monitoring Group, Cost Sheet etc, Capacity Building of the Firm: Firm to Smart Firm, and Panel Discussion Young Practice Members, Woman Practice Members, Middle Practice Members Large Firms Partnerships, Senior Practice Members etc.

6.4 Continuing Professional Education Committee (CPEC)

ICAI through its Continuing Professional Education Committee (CPEC) has been constantly endeavoring to provide adequate opportunities to our members. Thus, the Continuing Professional Education (CPE) is not merely a requirement but an investment in the professional journey of a CA that pays dividends in the form of enhanced skills, expanded networks, and the confidence to tackle the complex challenges that lie ahead. As the financial and business environment is undergoing rapid transformations, new accounting standards, evolving regulatory frameworks, and technological disruptions necessitate that our Members remain updated and well-informed. The CPE Committee of ICAI provides the tools to navigate these complexities, enabling our Members to deliver value to their clients and organizations with the highest level of expertise.

(I) Significant Achievements and Recent Initiatives of the CPE Committee:-

• Issuance of CPE Statement, 2023: Guidelines on Continuing Professional Education for undergoing CPE Activities by Members of ICAI

The Committee has always been working with a constructive thought process and proactively empowers members through training and programmes with a very comprehensive CPE calendar. Therefore, as decided by the Council at its 426^th meeting, members were requested to give their inputs/suggestions on the Exposure draft on the proposed guidelines “Consequential Provisions for non-compliance with CPE hours requirement on yearly basis” from Calendar year 2024 onwards and to be operational w.e.f. 1/1/2025 for non-compliances arising from Calendar year 2024. The exposure draft was hosted on the ICAI website and Committee’s page. Also, round of mass mails was sent to members to create awareness amongst them for sending inputs on Exposure Draft. The CPE Committee also invited comments/ views on the Exposure Draft seeking comments of the Members for finalization of the same.

Further, in exercise of the powers conferred by the section 15(2) (fa) of the Chartered Accountants Act 1949 as amended by the Chartered Accountants (Amendment) Act, 2022 (No. 12 of 22), “Statement on Continuing Professional Education, 2023” is issued on 30.01.2024 for undergoing CPE activities by the members and the mechanism to implement the same by POUs. This includes consequential provisions for non-compliance with CPE hours’ requirements applicable to various categories of members on yearly basis from Calendar Year 2024 onwards as decided by the Council of ICAI. These consequential provisions are applicable w.e.f. 1st January, 2025 for non-compliance arising from the Calendar Year 2024.

Detailed Statement on Continuing Professional Education, 2023 is hosted on ICAI portal and accessible at https://www.icai.org/post/issuance-of-cpe-statement-2023

Also, from Calendar Year 2023 onwards, CPE hours requirements are to be fulfilled by the members on Calendar Year Basis (from 1^st January till 31^st December every year) only and the block/rolling period concept of three years is done away with. Therefore, the members are required to complete their CPE hours requirements on the calendar yearly basis from the year 2023 onwards in accordance with the CPE hours requirements.

• Organisation of Web-Lectures for grant of Unstructured CPE hours by Regional Councils/Branches and Foreign Chapters of ICAI

To promote organisation of the CPE Learning Activities as well as for betterment of members at large, on recommendations of the CPE Committee, the Council has approved the organisation of Web-Lectures for grant of Unstructured CPE hours by Regional Councils/Branches and Foreign Chapters of ICAI. For attending Web-lectures, the attendance would be uploaded by Regional Councils/Branches/Foreign Chapters for grant of unstructured CPE hours. Therefore, members need not to claim unstructured CPE learning by their own for attending these Web Lecture. This facility will enhance the compliance of CPE Hours requirements especially for Members who are in Industry and are required to comply with CPE Hours requirements by completing Unstructured Learning Activities.

• “Train the Trainer (TTT)” programmes for development of faculty database by CPE Committee

With an objective to provide the Country with trained faculties and speakers, CPE Committee has organised ‘Train the Trainer’ programmes on PAN India basis in offline mode to train the faculty to provide quality learning in Programmes of the Committee. “Train the Trainer” programme provides an effective strategy to equip faculties/ subject matter experts with new knowledge on how to teach others, how to foster an environment where everybody feels welcome to improve their skills, enhancing Communication & Presentation Skills, Art of Public Speaking, etc. The programmes are primarily focusing on:

> Understanding the audience

> How to master the subject for session delivery

> Creating Impactful Sessions

> Activities & Handholding Creating Impactful Sessions

> How to Prepare speech

> Types of Public Speaking

> How to improve Public Speaking

Two TTTs programmes on “How to be a Global Speaker in One’s Chosen Area” were organised in Physical Mode during the last Council year.

(II) Re-constitution of CPE Regional Monitoring Committee (RMC) in all five Regions for the Council year 2024-25

The CPE Committee has re-constituted the Regional Monitoring Committee (RMC) for the Council year 2024-25 in all five Regions to carry out the tasks with the objective to review of monthly reporting to the Central Office including uploading of Programme details and the attendance on the CPE Portal by the various CPE POUs, to address the issues raised/problems faced by the Regional Councils/Branches/CPE Study Chapters/CPE Study Circles and CPE Study Groups, review of the functioning of CPE Study Chapters/CPE Study Circles, Nomination of monitors and supervisors for all CPE POUs, to submit the quarterly report on the functioning of the POUs, to obtain feedback for the programmes organized by POUs on test check basis and to compile the suggestions of the members, to ensure that the feedback form for each programme must be obtained from the participants and to submit the compilation of feedback to the CPEC Secretariat etc.The Regional Monitoring Committees will hold at least one meeting of the RMC every quarter and will send the report on the proceedings of each meeting of the CPE Regional Monitoring Committee to the CPE Committee.

(III) IT Initiatives undertaken by the CPE Committee for Members & CPE Programme Organising Units (CPE POUs)

• Issuance of customized mail by CPE Committee to each Member informing CPE hours compliance status

From Calendar year 2023 onwards, the CPE Hours requirements to be complied by various categories of Members have been changed from the three-year rolling period to calendar-year wise. Therefore, to make members aware about their CPE Hours compliance status for Calendar year 2023 and to maximise the CPE compliance level, the CPE Committee the first time is able to develop such a system that customized mail could be sent to Members informing their CPE hours status as completed by them till date and the balance to be completed during the current Calendar year.

• Addition of New Feature in CPE Portal

A new feature is added in CPE Portal that Committees will upload the unstructured CPE hours of the members who attended Webcast/Webinar after completion of the programme. This functionality of uploading ULA attendance in CPE portal is developed and activated for the webcast/webinar events organized from 1^st Feb 2024 onwards. This facility will enhance the compliance of CPE Hours requirements by Members and especially for those members who are required to comply with CPE Hours requirements by completing Unstructured Learning Activities.

• Upgradation of CPE Portal by making it more User & Techno Friendly

CPE Portal manages entire gamut of CPE of ICAI for grant of Structured and Unstructured CPE Hours to members. In pursuit of excellence, the CPE Committee is focusing majorly on integration of IT tools in CPE activities including redesigning/revamping of CPE Portal, single sign-in facility into portal and improved monitoring of attendance system. CPE Portal is meant to develop the knowledge hub providing information regarding latest developments relating to the profession and to promote various ICAI initiatives for Chartered Accountants. The CPE Portal is upgraded in terms of :-

> Member & POU dashboard

> Improvement in faculty feedback process

> Improvement in faculty management system & mapping of faculty with Event ID and topics

> Seamless Integration of CPE Portal with ICAI digital learning hub for updating of structured and unstructured learning Hours, etc.

(IV) Initiative towards Partner in Nation Building

• Connecting with Members:-

21 more CPE POUs were opened for helping members to undergo CPE activities in their nearby places, reaching to a strong network base of 679 CPE POUs (including 176 Branches, 50 Foreign Chapters, 48 Central Committees of ICAI, 144 CPE Study Circles, 82 CPE Study Chapters etc.) spread in all over India and Abroad for organization of CPE programmes and for helping the members in mofussil/remote areas to undergo CPE activities. For better dissemination of knowledge and to reach every Member of ICAI, the Committee is requesting members to come together and volunteer themselves for opening new CPE POUs while to identifying the areas where CPE POUs (CPE Study Circles, CPE Study Chapters and CPE Study Groups) may be opened.

• Knowledge dissemination:-
• Seminars/ Webinars/workshops/RRCs:

For continuous learning and to update the knowledge of members, CPE Committee is organising programmes on traditional and non-traditional areas on regular basis. In addition to imparting training on technical topics, the Committee is also focusing on updating public speaking skills of members and mentoring them to become thought leader. The programmes being organised revolves around:

∴ Disseminating knowledge on the theory and practice on various Technical and current professional topics.

∴ Enhancing role of members in diversified areas of profession.

∴ Providing networking opportunity to members.

• Interactive meet with :
• All India Management Committee Members Meet (AIMCMM)-2024

All India Management Committee Members Meet (AIMCMM)-2024 was organised jointly by CPE Committee and RBA Directorate from on 9^th – 10^th March 2024 at Kolkata, wherein for the first time the Convenors and Deputy Convenors of CPE Study Circles and CPE Study Chapters from all regions were invited to attend orientation programme. With approximately 200 participants in attendance representing 131 Study Circles & Study Chapters and approximately 1100 participants representing 5 Regional Councils, 171 Branches, AIMCMM 2024 in Kolkata served as a platform for knowledge exchange, orientation and strategic planning for the Council Year 2024-25, guided by the profound vision of “DRISHTI”.

• Chairmen & Vice-Chairmen of Regional Councils & Branches and Convenor & Deputy Convenor of CPE Study Circle/Chapter/Group of all the regions of ICAI

The CPE Committee has organised various interactive meetings with the Chairmen & Vice-Chairmen of Regional Councils & Branches and also with the Convenor & Dy. Convenor of all CPE Study Circles, CPE Study Chapters and CPE Study Groups, Region-wise in Online mode, seeking suggestions for further improvement in the Continuing Professional Development policies and programmes, to educate them about various policies, guidelines and initiatives of CPE Committee as well as to understand expectation/to get feedback of CPE POUs for improvisation of CPE Programmes etc.

The CPE Committee had organised four Interactive meetings with the Chairmen and Managing Committee Members of Regional Council and Branches and Convenor and Deputy Convenor of CPE Study Circles, CPE Study Chapters & CPE Study Groups of WIRC and SIRC of ICAI respectively. Further, based on the suggestions received from the Members during these online interactive meets, the CPE Committee has organised the Orientation Programmes cum Interactive meetings for the Convenor and Deputy Convenor of CPE Study Circles and CPE Study Chapters of Gujarat State in physical mode at Ahmedabad.

• CPE Bulletin:

The Committee has issued its E-newsletter to create awareness on the recent developments in CPE hours compliances and other decisions amongst its members and showcase the initiatives of the Committee and details of its programmes etc which is hosted on the CPE page of Institute’s Website and also on CPE Portal at the link https://www.icai.org/post/e-newsletter-of-the-continuing-professional-education-committee

(V) Major Events undertaken directly by CPE Committee:-

• Online CPE Learning events- As a part of CPEC’s initiative to provide an apt platform for the exchange of knowledge and ideas on emerging topics amongst the CA fraternity and with an aim to keep them well-informed about the changes taking place in relevant areas, the CPE Committee is organising online CPE events regularly and continuously for the learning and upgradation of members for grant of Unstructured CPE hours.
• National Conferences- The Committee organised 17 National Conferences on Gyan ka Amrit Mahotsav, Emerging India, Gyan Trishna: The Thirst for Knowledge” on Anti-Money Laundering Laws, Latest Judgement & Controversies in ITC and How to Start Tribunal Practice, National Conference on “Income Tax, GST, Forensic Audit and Code of Ethics, IKSHA on “Capital Market, AI and Income Tax etc
• Residential Refresher Course (RRC):- The Committee organised 13 Residential Refresher Course on Taxation, CFO Services and Auditing Standards, Recent Issues in Trust, Overview of Valuation and Notices u/s 148 & 148A, Income Tax Return, GST Audit and Corporate Law Returns, Audit Report & CARO etc
• Webinars and Seminars/Workshops:-The Committee organised 189 Webinars/Workshops/Seminars/Webcasts on Emerging Capital Market Trends and Burning Issues related to Disallowance of MSE Expenses u/s 43B(h), Professional Opportunities for CA, GST and Capital Market”, Income Tax – Tax Audit (Sec. 43B) and Disciplinary Case Studies & Guidelines on Certification, Financial Statements Format of Non Corporate Entities and UAE & India: Cross-border Tax Trends, GST Litigation – How to Handle Scrutiny and Income Tax – Important TDS Provisions, Code of Ethics and Standards on Auditing, Audit and Accounting Standards etc.

(VI) Members Education and Capacity Building:-

• CPE Programmes directly by the CPE Committee- 173 Physical and Virtual Programmes were organised for the Members to empower and enhance learnings in diversified fields by adding to their skillsets they can offer:-

Sl. No.	Details of CPE Programmes	Number
1.	National Conference	17
2.	Seminar & Workshop	77
3.	Residential Refresher Course	13
4.	Virtual Programmes (Webinar)	64
5.	Train the Trainers	02

• Details of CPE Programmes organised by its POUs- The CPE Committee has a strong network base of 679 CPE POUs (176 Branches, 50 Foreign Chapters, 48 Central Committees of ICAI, 144 CPE Study Circles etc.) spread in all over India and Abroad for organisation of CPE programmes and also for helping the members in mofussil/remote areas to undergo CPE activities.

Sl. No.	Particulars	Figures*
1.	Total CPE Events (Physical and Virtual)	9083
2.	Total Number of Members Participated	828961
3.	Total CPE Hours granted	40179
4.	Total CPE Hours generated	4268034
*Data from 1.4.2023 to 30.6.2024

> Total CPE Programmes for the benefit of Members- 9083 CPE Programmes were organised for the Members across the country (includes 6006 CPE Programmes in Physical mode from 1^st April, 2023 to 30^th June, 2024), by the CPE Programme Organising Units of ICAI on various topics of professional interest.

> National Level Programmes and other Important Events

Sl. No.	Type of CPE Programme organized	(from 1.4.2023 to 30.6.2024)
1.	Live Webcasts/Webinars by various POUs of ICAI	1135
2.	Certificate Courses for the Members by Central Committees of ICAI	160
3.	Post-Qualification Courses by the Central Committees of ICAI	53
4.	National level by Central Committees/Board of ICAI and hosted by the Regional Councils/Branches of ICAI	64
5.	Foreign Languages in online mode –Japanese, Spanish and French	14
6.	Batches of Pre-registration Education Course by ICAI RVO	12
7.	Batches of Pre-registration Education Course by IIIPI	4

(VII) Supporting Society – Commitment to Nation :- ICAI organises various other programmes supporting the initiatives of the Government for effective implementation of the same in various parts of the Country through its strong network base of CPE Program Organising Units. Following are the topic wise details of these CPE Programmes being organised in Physical mode and in Virtual Mode

Sl. No.	Topic of CPE Programme	(from 1.4.2023 to 30.6.2024)
1	GST and GST Audit	1432
2	Ethical Standards, Code of Ethics, Professional Ethics	558
3	MSME, Ease of doing Business in India, Start-ups	281
4	Standards on Auditing	174
5	RERA	136
6	Ind AS	122
7	Business, Banking and Insurance, Financial Services	118
8	Companies Act	116
9	Blockchain Technology, Artificial Intelligence, Robotics, Digital & Crypto Currency	50
10	Business Responsibility and Sustainability Reporting	48
11	Soft Skill Stress Management, Lifestyle Management where Yoga is way of life, Work Life Balance	37
12	Investor Awareness	25
13	Faceless Assessments	25
14	CARO 2020	23
15	Insolvency and Bankruptcy Code	13
16	Demonetization, Black Money, Benami Transactions and Undisclosed Income	09

6.5 Corporate Laws and Corporate Governance Committee (CL&CGC)

The Corporate Laws & Corporate Governance Committee aspires to empower the profession and promote a fair corporate regime through global best practices. Collaborating with the government, the Committee actively strengthens the regulatory framework by engaging with the Ministry of Corporate Affairs and providing regular representations and suggestions on matters pertaining to the Companies Act 2013. With a focus on knowledge enhancement, the Committee ensures its members stay updated on corporate laws, enabling them to navigate the evolving landscape of corporate governance successfully.

Significant Achievements and Initiatives

(I) Representations/Suggestions/Recommendations to MCA/SEBI during the year 2023-24 (April 2023 to June 2024)

The Committee regularly interacts with the Ministry of Corporate Affairs for smooth implementation of the Companies Act 2013. The Committee submitted the following representations/ inputs/ opinions/ suggestions to the Ministry of Corporate Affairs.

• Suggestions to the Ministry of Corporate Affairs on Simplification of Companies Rules under the policy for pre-legislative consultation.
• Representation submitted in relation to data requirements of Companies to analyse requirement of Independent Directors and Women Directors and enable compliance.
• Suggestion submitted to the Ministry of Corporate Affairs to enhance the CSR framework.
• Suggestion submitted to the MCA regarding the letter concerning the extension of the applicability of Rule-9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014, to larger private companies in relation to the dematerialization of securities.
• Suggestions submitted to the Ministry of Corporate Affairs regarding sensitization of professionals regarding provisions of section 90 of the Companies Act 2013 read with Companies (Significant Beneficial Owners) Rules 2018.
• Representation submitted to IICA regarding system updated to implement exemption for the Online Assessment Test for the Independent Directors as provided under Rule 6 of Companies (Appointment and Qualification of Directors) Amendment Rules, 2021 to the Chartered Accountants having more than 10 years of experience in practice.

(II) Simplification of Companies Rules and LLP Rules under the policy for pre-legislative consultation formed by the Ministry of Corporate Affairs

As a part of its initiative of the comprehensive review of Company Law Rules and LLP Rules the Ministry of Corporate Affairs requested the Institute of Chartered Accountants of India to provide valuable suggestions and insights. After a thorough review, ICAI submitted recommendations for simplifying the Companies Rules, 2014 to the Ministry of Corporate Affairs on April 1, 2024. The submission covers the following Rules:

• Chapter IX: The Companies (Accounts) Rules, 2014
• Chapter X The Companies (Audit and Auditors) Rules, 2014
• The Companies (Auditor’s Report) Order, 2020
• The National Financial Reporting Authority Rules 2018
• Chapter V- The Companies (Acceptance of Deposits) Rules, 2014
• The Companies (Appointment and Qualifications of Directors) Rules, 2014
• The Companies (Indian Accounting Standards) Rules, 2015
• Chapter II The Companies (Incorporation) Rules, 2014
• Chapter I -The Companies (Specification of Definitions Details) Rules, 2014
• The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
• Companies (Arrests in connection with Investigation by Serious Fraud Investigation Office) Rules, 2017
• Chapter XV-The Companies (Compromises, Arrangements and Amalgamations) Rules, 2016
• The Companies (Listing of equity shares in permissible jurisdictions Rules, 2024)
• Chapter XXVI-Nidhi Rules, 2014

(III) Independent Directors’ Conclave organized on 6^th June 2024 at Mumbai and on 20th June 2024 at Ahmedabad by CL&CGC jointly with WMEC

The Corporate Laws & Corporate Governance Committee, in collaboration with the Women Members Excellence Committee of the Institute of Chartered Accountants of India (ICAI), organized an Independent Directors’ Conclave at Mumbai and Ahmedabad. Both the Conclaves successfully provided a platform for in-depth deliberations on corporate governance and the pivotal role of independent directors in today’s dynamic business environment.

• The Independent Directors’ Conclave took place on June 6, 2024 at Mumbai. The event was graced by the presence of Group CFO & Head Corporate Affairs, National Stock Exchange, who attended as the Chief Guest. The event was also honoured by the presence of President of ICAI, Vice President of ICAI, Past President of ICAI and Chairman CL&CGC. The program featured an exceptional roster of speakers and panellists, including esteemed Past Presidents of ICAI and distinguished Independent Directors from Listed Companies, Public Companies, and Multi-National Corporations and was highly appreciated by all for its insightful discussions and valuable networking opportunities.
• The Independent Directors’ Conclave took place on June 20, 2024 at Ahmedabad. The event was graced by the presence of Regional Director (NWR) MCA, and was also honoured by the presence of Chairman CL&CGC, Immediate Past President of ICAI and two Past Presidents of ICAI. The program offered an unparalleled opportunity to hear from esteemed Past Presidents of the Institute of Chartered Accountants of India and distinguished independent directors.

(IV) Supporting Ministry of Corporate Affairs in smooth transition and functioning of MCA 21 V3 Portal

The Corporate Laws & Corporate Governance Committee of ICAI is working closely with the Ministry of Corporate Affairs for enabling smooth transition from MCA 21 V2 to V3. This project signifies a unique collaboration between the ICAI and the Ministry of Corporate Affairs, working closely on a daily basis to facilitate a seamless transition. In this direction, Committee’s Key Initiatives for the MCA 21 Version 3 project are as follows:

• User Acceptance Testing of MCA Forms in various Lots.
• Addressing post-production Issues of Members: Till now, ICAI team has addressed approx. 15000+ issues
• Conducted Awareness Webinars with the MCA – to educate members about Company Forms
• Taking forward initiative of Hon’ble Finance Minister and Support in conducting Stakeholders’ Consultation Meetings on MCA 21 Version 3 Portal across the Country.

(V) Suggestion sent to the Ministry of Corporate Affairs seeking inputs to review and improve CSR Framework

In response to the Ministry of Corporate Affairs’ request, the Corporate Laws & Corporate Governance Committee provided its recommendations to enhance the CSR Framework. The Committee organized Round Table Meetings to gather insights from CSR experts and conducted a survey via Google Form to engage Chartered Accountants in corporate sectors. Suggestions gathered were integrated into their response. The Committee’s finalized recommendations were subsequently submitted to the Ministry of Corporate Affairs.

(Vi) Suggestions sent to the Ministry of Corporate Affairs to review the Applicability of Provisions relating to Dematerialisation of Securities to Bigger Private Companies

In response to MCA’s letter seeking inputs for extending the applicability of Rule 9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014 to bigger private companies, the CL&CGC of ICAI submitted its suggestions to the Ministry of Corporate Affairs. In this regard, Committee had organized a Virtual Round Table Meeting of various experts and Committee members to deliberate on the matter and gather rich experience of the experts.

(Vii) Workshop on Business Reporting & Sustainability Reporting (BRSR) organized by IICA in association with ICAI and UNICEF

The Corporate Laws & Corporate Governance Committee of ICAI, received a proposal from the Indian Institute of Corporate Affairs (IICA), a premier institution of the MCA for conducting a series of workshop on Business Reporting and Sustainability Reporting (BRSR) across various regions in India, in association with ICAI and UNICEF. In view of the request received, the central regional workshop was organised by IICA in association with ICAI and UNICEF at the premise of Indore Branch of CIRC of ICAI and members actively participated in the workshop on BRSR.

(Viii) Certificate Course on CSR Reporting and Impact Assessment

Looking at the importance of CSR the Corporate Laws & Corporate Governance Committee of ICAI decided to launch the Certificate course on Corporate Social Responsibility which intends to equip the participants with the knowledge and skills required for understanding the rules and regulations pertaining to CSR trends and challenges associated with CSR, and learn how to assess, strategize, and implement CSR projects. Towards this the Committee has successfully organized six batches of the Certificate Course on CSR Reporting and Impact from April 2023 to June 2024. The Course is conducted under the guidance of faculty members who were widely recognized and respected for their expertise in the CSR field. These faculty members are known for their significant contributions and accomplishments, which have garnered them a reputation of eminence in the academic and professional communities

(IX) Publications released by the Committee

• Implementation Guide on Maintenance of Property, Plant and Equipment (PPE) Register – Best Practices
• Handbook on Dematerialisation of Securities for Private Companies & Shareholders
• Background Material for the Certificate Course on Corporate Social Responsibility Reporting and Impact Assessment

(X) Programmes/Conferences/Webcast/Courses

Sl. No.	Programmes/Conferences/Webcast/Courses	No.
1	National Conferences on Company Law and Corporate Laws	2
2	Webinars on Financial Statements-The Fraud Angle , Mergers and Acquisitions and Corporate Governance for MSME- Role of Chartered Accountants as Advisor, Sensitization of Companies to abide the provisions of Section 90 of the Companies Act, 2013 read with Rules thereunder relating to Significant Beneficial Ownership	4
3	Series of Webinars-Manthan	5
4	Seminar /Refresher Course/Workshops on Independent Director’s Conclave, Corporate Law Conclave, Company Audit, Corporate Laws, Companies Act, Corporate Learning, CARO 2020, Schedule III & Company Act 2013, Audit Trail & its Practical Implication, on Recent Amendments under Companies Act, 2013, Annual Filing related to ROC, Issues in Gift City from Corporate law compliance and opportunities for CA, RRC etc	25

6.6 Direct Taxes Committee (DTC)

The Direct Taxes Committee (DTC) of the Institute of Chartered Accountants of India (ICAI) is one of the important Committees of the ICAI which is engaged in the matters related to direct taxes and makes representations to the Government, Central Board of Direct Taxes and at other appropriate forums from time to time on various legislative amendments and issues concerning direct taxes. One of the main activities of the Committee is to disseminate knowledge and honing skills of the membership in the area of direct taxation by way of bringing out new publications and revise the existing publications, organizing seminars, webinars, conference programs etc.

(I) Representations/ interactions with Government

• Appointment of Accountant Member in Income Tax Appellate Tribunal (ITAT) – Tribunal Reforms Act, 2021 read with Tribunal (Conditions of Service) Rules, 2021. Request to lower the minimum practice period of 25 years applicable to Chartered Accountants to be eligible as Accountant Member to 10 years to be on par with Advocates for appointment as Judicial Member & reduction of minimum age limit of 50 years.
• Submission of ICAI’s comments on the draft Rule 11UA.
• Request to expedite the release of e filing online utility of Form Nos. 3CD, 10B, 10BB, Form ITR-6 & Issuance of Instructions for filling out various ITR forms (A.Y. 2023-24).
• Form No. 6C for implementing the amendment made by the Finance Act, 2023 w.r.t Sub-section (2A) of the section 142 of the Income-tax Act, 1961 regarding inventory valuation.
• Request to provide adequate/suitable relief to assessees liable to furnish Form 10B/10BB and ITR 7 for AY 2023-24 within the statutory timelines.
• Concerns of ICAI on Form No. 10B and 10BB for AY 2023-24 and related provisions.
• Request to provide adequate/suitable relief due to difficulties faced by stakeholders in e-filing the returns/reports – non-availability of internet in certain areas affected by curfews being imposed in those places in Maharashtra.
• Concerns of ICAI on the issuance of notice(s) to tax deductors’ due to short deduction of tax from deductees’ on account of either non-linking of PAN with Aadhaar or non-filing of ITRs in past years.
• Request for allowing condonation to concerned assessees in case of incorrect furnishing of Form No. 10B or Form No. 10BB or allowing an option to rectify the error.
• Concerns of ICAI on implementation of provisions of section 43B(h) of the Income-tax Act, 1961.
• Concerns of ICAI on certain issues faced while furnishing ITR Forms.
• Request for introducing mandatory ITR filing requirements and/or suitable audit reporting requirements for entities and individuals availing exemptions from income tax under Income-tax Act, 1961.
• Inputs of ICAI on Annual Information Statement (AIS).
• Concerns of taxpayers governed by Portuguese Civil Code in respect of communication received for mismatch in income as per Annual Information Statement (AIS) and Income Tax Return (ITR).
• Submission of Pre-Budget Memorandum – 2024.
• Request to address genuine concerns of assessees relating to the time of filing of Form No.10-ID for availing benefit of section 115BAB.
• Concerns faced by taxpayers regarding intimation received to rectify the defect with respect to the capital gain computation under section 50C.
• Concerns in relation to Form 26AS/TIS/AIS and in e-filing the ITR Forms.

(II) Conferences/Seminars/Workshops/VCM/Webinars/Refresher Course

The Direct Taxes Committee organized 31 Seminars/Conferences and 24 VCMs/Webcasts on topics related to Direct Taxes i.e Latest Developments in Income Tax Act including Sec 43B(h)Tax Conclave, Audit Trail & MSE Transaction, Discussion on Finance Bill, 2024 and Taxation of Non-resident Artistes or Sportspersons, Controversial Issues in Income Tax and Issues in TDS Provisions of Income Tax, Presumptive taxation and Taxation of Non-Corporate Entity, Critical Aspects in Tax Audit Reporting, Overview on Taxation of NRI’s, Overview of Finance Act, 2023, Recent Amendments in Charitable Trusts & Compliances, Cryptoassets- India and Global tax landscape, Demystifying UAE Corporate Tax and e-verification Scheme, 2021, Recent Developments in International Taxation – Locally and Globally, Navigating the Aftermath: Analysing the Supreme Court’s Decision on Most Favoured Nation Clause etc during the period.

(III) Post Qualification Diploma in International Taxation/Certificate Course on UAE Corporate Tax

The Committee has conducted following batches of Diploma Course in International Taxation :

Diploma in International Taxation through Online Mode

Batch No.	Batch Place	Date of commencement of the batch	No. of Participants	Status
Tenth	Online	20.03.2023	182	Completed
Eleventh	Online	01.04.2024	199	Completed

Diploma in International Taxation – Physical Mode

Batch No.	Batch Place	Date of commencement of the batch	No. of Participants	Status
26th	Ahmedabad	28.01.2023	40	Completed
27th	Delhi	29.04.2023	65	Completed
28th	Mumbai	05.08.2023	64	Completed
29th	Hyderabad	14.10.2023	41	Completed
30th	Gautam Budh Nagar	16.12.2023	46	Completed
31st	Surat	17.12.2023	48	Completed

The Committee has launched Certificate Course on UAE Corporate Tax in February, 2023.

Certificate Course on UAE Corporate Tax – Physical Mode (Batches since commencement of course)

Batch No.	Batch Place	Date of commencement of the batch	No. of Participants	Status
1st	Abu Dhabi	4.02.2023	16	Completed
1st	Dubai	5.02.2023	41	Completed
2nd	Dubai	24.09.2023	44	Completed
3rd	Dubai	13.01.2024	36	Completed
4th	Dubai	01.06.2024	37	Ongoing

Certificate Course on UAE Corporate Tax – Online Mode

Batch No.	Batch Place	Date of commencement of the batch	No. of Participants	Status
1st	Online	19.06.2023	193	Completed
2nd	Online	03.10.2023	171	Completed
3rd	Online	08.01.2024	197	Completed
4th	Online	03.07.2024	200	Ongoing

(IV) Other Initiatives

• The Committee had three meetings with Chairman, Central Board of Direct Taxes and the senior officials. The first meeting was on 6^th March, 2024, and the second on 24^th April, 2024. In the second meeting on 24^th April, 2024, the Committee presented the Pre-budget suggestions and submitted the Pre-Budget Memorandum 2024 for the year 2024-25. The third meeting on 27^th June, 2024 was also a Pre-budget meeting attended by Chairman, Direct Taxes Committee and Chairman, GST and Indirect Taxes Committee, wherein additional suggestions were given on direct taxes and suggestions on customs law.
• As a new initiative this year, the Committee commenced Revisionary Classes for the benefit of candidates appearing in Post Qualification Diploma in International Taxation in May, 2024 Examination. The revisionary classes were conducted on 27^th and 28^th April, 2024 (2 sessions of 3 hours each on Saturday and Sunday) and these sessions were delivered by experts in international taxation and transfer pricing.
• The proposal to launch UAE Corporate Tax course in India has been approved by the Council.
• The Committee has, on request, sent 40 copies of the Study Material on Direct Taxes and International Taxation and Accounting for Orientation/Training Program for new members of ITAT.
• Responses to questions on Direct Taxes in the World Bank’s Survey on Ease of Living and Ease of Doing Business were submitted to Department of Revenue by Chairman, Direct Taxes Committee, an expert representative nominated on behalf of ICAI. Response of members were invited through mass mail on select questions and these responses were incorporated in the responses sent to the Department of Revenue.

(V) Publications Released

• Implementation Guide on Revision in Form No.3CD and Form No.3CEB
• Guidance Note on reports of audit under section 12A/10(23C)

6.7  Committee on Commercial Laws, Economic Advisory & NPO Cooperative (CCLEA&NPO)

The Institute of Chartered Accountants of India (ICAI) plays a pivotal role in shaping the global economy by nurturing professionals into experts in diverse areas through rigorous education and training. Within ICAI, the Committee on Commercial Laws, Economic Advisory & NPO Cooperative (CCLEANC) stands out as a vital entity. This Committee trains Chartered Accountants about diverse professional opportunities and provides insightful guidance to the members in commercial & economic laws. Focused on professional development, CCLEANC offers programmes and Certificate Courses in Commercial Laws, engages with the government regularly, imparts legal knowledge, and explores non-traditional areas of practice. Committed to contributing to India’s economic growth, the Committee diligently offers informed suggestions on economic and commercial laws, aligning with ICAI’s overarching goal of enhancing its members’ expertise and impact on the nation’s economy. In its relentless pursuit of excellence, CCLEANC remains integral to ICAI’s mission, fostering a community of experts capable of navigating complex landscapes and making meaningful contributions to India’s economic development.

(I) Significant Achievements and Initiatives Partner in Nation Building:-

• In the Council Year 2023-24, the CCLEA&NC from ICAI assisted the FATF Cell of the Ministry of Finance/Financial Intelligence Unit of India (FIU-IND) in India’s Mutual Evaluation by FATF. From March 2023, CCLEA&NC participated in meetings with the Ministry of Finance, aligning national frameworks with international standards. On November 14, 2023, ICAI officials presented India’s AML/CFT framework to FATF, w.r.t. Accounting professionals showcasing the nation’s commitment to international best practices and collaboration in maintaining financial integrity.
• New Initiative under the Committee – a comprehensive training programme “Understanding Business Environments and Accounting systems in crime investigations- A case study-based approach” has been conducted on 3^rd May, 2023 to equip Crime Branch Police Officers in Chennai with the necessary knowledge and skills to understand the intricate relationship between business environments and accounting systems in the context of crime investigations, hosted by SIRC of ICAI. This pioneering effort signifies the first of its kind, demonstrating a proactive collaboration between finance and law disciplines to enhance the investigative capabilities of government officials.
• India’s labour law reforms consolidated 29 existing labour laws into four comprehensive labour codes: The Code on Wages, 2019; The Industrial Relations Code, 2020; The Code on Social Security, 2020; and The Occupational Safety, Health and Working Conditions Code, 2020. with an aim to simplify and modernize the regulatory framework. Although passed by Parliament, their implementation is pending. Efforts are underway to engage with concerned authorities to ensure that members and stakeholders are well-informed about the new provisions and their implications. The Committee aims to publish relevant knowledgeable material on the new labour codes and at the same time, creating awareness through CPE Events.
• A productive meeting was held with the Central Registrar of Cooperative Societies (CRCS) w.r.t developing specialized skill-set to the members of ICAI for audit of Multi State Co-operative Societies (MSCS) .The discussions primarily focused on key proposals aimed at enhancing the understanding and implementation of relevant laws and regulations within the cooperative sector. This collaborative effort is expected to significantly benefit stakeholders by providing clarity and improving compliance with the regulatory framework.
• On 12^th June, 2024, a meeting took place where the Minister of State for Cooperation and Civil Aviation in the Ministry of Cooperation and Ministry of Civil Aviation was congratulated and felicitated by the Hon’ble President of ICAI and two Central Council Members. Making it to the Union Cabinet (Minister of State) in his first term as Lok Sabha MP from Pune, he, as Minister of State, is allocated the Ministries of Cooperation and Civil Aviation in the newly constituted government at the Centre.

Members Education and Capacity Building:-

• The Committee has taken significant strides in advancing education and expertise in the realm of Real Estate and FEMA with the introduction of two new Certificate Courses. Launched 1^st batch in November 2023 in online mode, Certificate course on Real Estate – Laws & Regulations as well as Certificate Course on FEMA, have garnered remarkable attention, drawing in a diverse cohort of over 250 enthusiastic members registered for these courses.
• The Committee has organized webinars focused on the Digital Personal Data Protection Act. Recognizing the importance of this new area of legislation, the Committee has conducted events to educate and inform participants about the nuances and requirements of the Act. These efforts aim to ensure that members are well-equipped to navigate the complexities of digital personal data protection and comply with the new regulations

(II) Webinars for grant of Unstructured CPE hours

The Committee organized the “Know Your Laws” series, which was held weekly on Thursdays and continues in the current Council year. As of 30^th June, 2024, a total of 64 webinars have been conducted. Some of the topics covered in these sessions include:

Money Laundering	EPF and ESI Acts
Overseas Investment	Arbitration
Intellectual Property Rights (IPR)	Wills & Nominations
FCRA	Charitable Trusts
Labour Laws	Digital Personal Data Protection Act
Cooperative Societies	Reporting Entity under PMLA
Black Money	Supreme Court Judgements
Environmental Laws	Indian Partnership Act, 1932
Mediation	Consumer Protection
FEMA	Negotiable Instruments Act, 1881
Contract Drafting and Negotiation

(III) Physical CPE Programme for grant of Structured CPE hours

The Committee organized 34 physical events for members, focusing on areas of commercial laws i.e FEMA, RERA, Labour Laws, Trust and Cooperative Society, Intellectual Property Rights, Impact of Recent Amendment in PMLA on Profession, Benami Transactions, Trust and NPO’s, Business, Economics, and Other Laws, Digital Personal Data Protection Act, Cooperative & Decoding PMLA and Compliance, Real Estate Laws, Empowering Cooperatives: Navigating the Future, Role of Co-operatives in Vision 2047: INDIA, NPOs (Charitable Institutions and Trusts), Prevention of Money Laundering Act, PMLA, DPDP etc.

(II) Refresher Courses

Three Days Residential Refresher Course on “Professional Opportunities in Commercial Laws were organised in the months of April 2023, August 2023 and June 2024 at Centre of Excellence, Hyderabad.

(V) Certificate Courses

Sl. No	Name of  Certificate Course	Batches	No of members passed/registered   for course
1	Certificate Course on Anti Money Laundering Laws (AML) Specialist	24th batch of Certificate Course on Anti-Money Laundering Laws, (Anti- Money Laundering) Specialist from 9th October to 22nd  November 2023	172
		25th Batch of Certificate Course on Anti- Money Laundering Laws, (Anti- Money Laundering) Specialist – 8th Batch in online mode from 11th March to 9th April 2024	200
		26th Batch of Certificate Course on Anti- Money Laundering Laws , (Anti- Money Laundering) Specialist – 9th Batch in online mode from 1st May to 5th June 2024	64
2	Online Certificate Course on ADR   (Arbitration, Mediation   & Conciliation)	28th batch of Certificate Course on Arbitration, Mediation & Conciliation – 3rd in online mode – from 21st September to 12th January 2024	66
3	Online Certificate Course on IPR Laws (Intellectual Property Rights laws)	2nd Batch of Certificate Course on IPR Laws (Intellectual Property Rights Laws) in online mode from 16th August to 15th September 2023 3rd Batch of Certificate	105
		Course on IPR Laws (Intellectual Property Rights Laws) in online mode from 12th February to 19th April 2023	145
4	Online Certificate Course on Cooperatives	24th batch of Certificate Course on Cooperatives – 2nd online batch – from 5th June to 26th July ,2023	96
		25th batch of Certificate Course on Cooperatives – 3rd online batch from 1st January to 7th February 2024	200
		26th batch of Certificate Course on Cooperatives – 4th online batch – 12th February to 6th March, 2024	200
5	Online Certificate Course on   Not-For-Profit Organizations	3rd Batch of Certificate Course on NPO in online mode – from 6th June 2023 to 1st August 2023	92
6	Online Certificate Course on Real Estate – Laws & Regulations	1st Batch of Certificate Course on Real Estate – Law & Regulations in online mode from 17th November 2023 to 15th January 2024	184
		2nd Batch of Certificate Course on Real Estate – Law & Regulations in online mode from 2nd May to 27th June, 2024	182
7	Certificate Course on FEMA	1st Batch of Certificate Course on FEMA in online mode from 29th November 2023 to 24th January 2024	98
		2nd Batch of Certificate Course on FEMA in offline mode from 1st June 2024 to 5th July 2024	44

(VI) Celebrating International & State Days

The Committee had organised CPE programmes to mark International & State days, given below, to provide focused learning and creating awareness on most relevant and contemporary topics for modernizing knowledge of members of our fraternity:

World Intellectual Property Day	April 26, 2023
Labour Day	May 1, 2023
RERA Day	May 2, 2023
International Day of Co-operatives	July 6, 2023
International Day of Charity	September 5, 2023

(V) Programs with Authorities/Regulators

The RERA Leadership Development Programme was a significant initiative designed to enhance the skills of individuals in the real estate sector. This program aimed to empower participants by providing them with deep insights and practical knowledge. Through interactive sessions that included group discussions and presentations, the programme fostered a comprehensive understanding of the complexities of the Real Estate Regulatory Authority (RERA). Participants were given a platform to engage, learn, and apply best practices, benefiting from the extensive experience shared by esteemed officials of RERA authorities. 3 RERA Leadership Development Programmes were organised at Hyderabad, Pimpri and Jaipur

(VIII) Views on various Bills/Laws

The Committee submitted its inputs/views on various Laws/Bills, which are as follows: –

• Suggestions on Digital Competition Bill, 2024
• Suggestions in respect of Proposed Order of MahaRERA – Details of amenities to be provided in the real estate Project by the promoter in the agreement to sale.
• Suggestions on Discussion Paper issued by MahaRERA Regarding Maintenance and Operation of Bank Accounts of Registered Projects.

(IX) Publications

• CAs’ Handbook on Obligations and Privileges of Non-Residents under FEMA
• CAs’ Handbook on drafting of Power of Attorney
• FAQs on Benami Transactions in India
• Professional Opportunities in ‘Mediation’ for Chartered Accountants.
• FAQs on Notification dated 3^rd May, 2023 under PMLA
• Background material of Certificate course on Intellectual Property Rights Laws.

6.8 Digital Accounting and Assurance Board (DAAB)

Strengthening the role of Chartered Accountants as information governance, control, security and audit professionals, ICAI in the year 2018 merged Committee on Information Technology (CIT) with Digital Accounting and Assurance Board (DAAB). DAAB is developing knowledge base through position papers and articles on issues related to impact of technology on accounting and assurance. Research on potential impact of Artificial Intelligence, Robotic Process Automation, Blockchain, Cloud Computing and Big Data on accounting and assurance is being undertaken to develop concept papers. The purpose is to help chartered accountants expand their knowledge and enhance their skills in new areas of digital era.

(I) Significant Achievements

• Compendium of Forensic Accounting and Investigation Standards (As on 1^st July, 2023)

The Digital Accounting and Assurance Board (DAAB) had issued the Forensic Accounting & Investigation Standards (FAIS) which outline the framework, the fundamental principles, key concepts and a range of subjects covering the whole process of conducting assignments in this area. In August 2021, the Board released a complete set of FAIS comprising of 20 standards and three Over-Arching documents. The continuous improvement and adaptation of standards are essential in the dynamic domain of Forensic Accounting and Investigation (FAI). Recognizing this need, the Digital Accounting and Assurance Board has revised the FAIS and released the revised Compendium of FAIS on 1^st July, 2023. Realizing the increasing demands of these standards in various assignments undertaken by the members of ICAI, the Council of ICAI has made these standards mandatory from 1^st July, 2023 for members conducting forensic accounting and investigation assignments.

• Implementation Guide on Forensic Accounting and Investigation Standards (As on 1^st July, 2023)

The Digital Accounting and Assurance Board (DAAB) has issued the Implementation Guide on FAIS to help support the effective compliance with FAIS. Implementation Guide outlines in detail the various procedures which the professionals may find relevant and suitable to complete the engagement and fulfil the requirements of FAIS.

• Post Qualification Course on Information Systems Audit

Post Qualification Course on Information System Audit (DISA), conducted by the Board, was started in the year 2001 to upskill Chartered Accountants in Information Systems Audit which was in increasing demand. DISA course combined technology, information assurance and information management expertise that enabled a DISA qualified Chartered Accountant to become trusted Information Technology advisor and provider of Information Security Assurance services. From 2001 till date, 33566 members have qualified this course. DISA was also conducted at The Institute of Chartered Accountants of Sri Lanka (ICASL) and The Institute of Chartered Accountants of Nepal (ICAN). The Digital Accounting and Assurance Board has also updated the syllabus for the Post Qualification Course on Information Systems Audit. A total of 45 Virtual/ Physical batches were organized including one batch each for members of The Institute of Chartered Accountants of Nepal (ICAN) and The Institute of Chartered Accountants of Sri Lanka (ICASL).

• Certificate Course on Forensic Accounting and Fraud Detection

The Board conducts a Certificate Course on Forensic Accounting and Fraud Detection and till date, 13394 members have qualified this course. The objective of this specialized course is to help the Chartered Accountants attain skills of utilizing accounting, auditing, CAATs/ Data Mining Tools, and investigative skills to detect frauds/ mistakes. 48 Virtual/ Physical batches were organized including one batch for members of The Institute of Chartered Accountants of Nepal (ICAN).

(II) Conferences, Webinars, Refresher Courses, Training Programmes, Eligibility Test, Assessment Test conducted by the Board

The Board conducted 73 Conferences/Refresher Course/Training Programmes/Eligibility Test/Assessment Test/VCM/Webinars on Overview of Forensic Accounting and Investigation Standards, Opportunities in Data Analytics for Chartered Accountants, Digital Assurance, Cyber Security, Advance Excel and Data Dashboard, Automation in Financial Reporting, Automation and Transformation in CA profession etc.

6.9 Ethical Standards Board (ESB)

Ethics forms the backbone of the accountancy profession, providing a framework that ensures that the chartered accountants conduct their duties in a manner which is in sync with the expectations of all the stakeholders. Ethical standards guide the accountants in making decisions that reflect what is right in all kinds of situations. Integrity, which is mentioned as the first fundamental principle for chartered accountants, is one of the critical cornerstone of ethical behavior. It involves being honest and straightforward in all professional and business relationships. Upholding professional integrity means avoiding conflicts of interest, refraining from misleading actions, and consistently demonstrating honesty in all professional dealings. With the evolution of society and the complexity of its transactions, the ethical standards have also evolved to make them contemporary. By adhering to these standards, the members ensure that they do not only comply with the regulatory requirements, but also give a positive note of addressing expectations of financial propriety and further enriching the reputation and dignity in the process. Compliance with the ethical standards also involves staying updated with the laws and regulations. This proactive approach helps the members to navigate the complex regulatory landscape, ensuring that their actions are always in line with the contemporary requirements.

The Ethical Standards Board of the ICAI plays a pivotal role in upholding the professional ethics of the members. The Board has the onerous responsibility of revising and updating the Code of Ethics for Chartered Accountants in India. This Code of Ethics is comprehensive and aligned with international standards, set by the International Ethics Standards Board for Accountants (IESBA) of International Federation of Accountants (IFAC). The Ethical standards Board ensures that the ethical standards are effective to address the professional situations faced by the members in practice and in service. The Ethical Standards Board also addresses specific issues that Chartered Accountants may face during the practice and in employment. For example, it provides detailed guidance on the course of action to be adopted in case of conflict of interest, ensuring that members can identify potential conflicts and take appropriate measures to manage them effectively. Further, it plays a crucial role in educating and raising awareness among Chartered Accountants about ethical issues. The Board organizes seminars, workshops, and training programs to help members understand and apply ethical principles in their professional/employment domain.

(I) Significant Achievements

• Finalized checks and balances for members in practice being Whole Time Director/Managing Director in IPE/RVE Companies
• ESB organized CA Connect week from 18^th December to 23^rd December 2023. ESB is taking various measures to make the portal popular amongst members and stakeholders.
• ESB has issued awareness column ‘Know your Ethics’ in the ICAI Monthly CA Journal.
• Revision of the Code of Ethics was recommended. Various study groups were formed to consider the revision in Volume-I and Volume-II of Code of Ethics.
• ESB issued 5 booklets on ethical issues namely:

> Documentation and Professional Ethics.

> Code of Ethics – Obligations for Members in Service.

> NOCLAR- Members in practice and service

> Technology and chartered accountants.

> Encompassing of Profession and Other Occupations

• The Ethical Standards Board has issued clarifications/announcements and FAQs on the queries raised frequently by the members and questions posed on various issues.
• Ethical Standards Board on behalf of ICAI has provided Comments on the Exposure draft on proposed revisions to the Code addressing Tax Planning and Related Services” on 18^th May 2023 issued by International Ethics Standards Boards for Accountants (IESBA) of International Federation of Accountants.
• More than 300 queries of members on various professional ethical issues were addressed and resolved in the given period. Further, replies to enquires on ethical issues made by the Regulators, Government Agencies etc. were also considered by Ethical standards Board and given to them.
• The Ethical Standards Board (ESB) has organized 20 programmes, 7 Webinars and 1 Residential refresher Course for 2 days for bringing awareness of provisions on Code of Ethics and ethical issues among the members in the given period.

(II) Other Activities

• Two Meetings of Committee on Professional Ethics and Independence of South Asian Federation of Accountants (SAFA)
• Seven Meetings of International Ethics Standards Board (IESBA) were held and attended by ICAI representatives in the relevant period.

(III) Important clarifications by Ethical Standards Board

The Ethical Standards Board has issued various clarifications on ethical issues. Some of the significant clarifications issued during the period by Ethical Standards Board are as under:-

• Announcement dt. 09.04.2023 (Acceptance of certain assignments by the Concurrent Auditor of Bank Branches)
• The concurrent auditor/Internal Auditor may undertake the assignment of certification for a Bank branch only if the certificates are addressed to the Bank’s management i.e not addressed to the statutory auditor/a regulator/ without being addressed to anyone in particular.

> The Concurrent Auditor/ Internal Auditor can neither perform Statutory Audit of the financial statements of a Bank Branch, nor certify them as audited financial statements.

> It is not permissible for a member/ firm being the statutory Auditor of a Bank to accept the assignment of ASM of a customer of the same Bank simultaneously. He can accept either of the Assignments at one time. However, where the member/ firm is appointed as ASM after the date of completion of a period of four years as Statutory Auditor of a Bank Branch or has become ineligible to continue as Branch Statutory Auditor, he may undertake assignment of ASM of the same bank.

• If a member has taken permission from ICAI to practice in his individual name then he can develop the website different from the firm’s website. However, the prescribed website guidelines will be applicable to them equally.
• A member in practice cannot be appointed as an Internal Auditor and Procurement officer simultaneously in an organization.
• Acting as Investor Relations Agency for an audit client may fall under the ambit of Management Responsibility , which is prohibited under the provisions of Code of Ethics.
• The partner of a CA Firm cannot certify/attest financial documents of a company wherein he is also a Director.
• It is not permissible for member in practice being a statutory auditor to prepare Business Responsibility & Sustainability Reporting (BRSR) to Audit Clients. However, he may provide advisory services on the same. Further, it is permissible for member in practice being a statutory auditor to be “Assurance provider of BRSR core” (as used in SEBI circular dt. 12.07.2023) for the same client.
• A member can be a shareholder of the One Person Company, but he should not be involved in day to day affairs of that Company in line with the provisions of Code of Ethics.

6.10 Expert Advisory Committee (EAC)

Today’s economy is a complex landscape of intricate transactions and evolving regulatory framework. In this complex era, authentic and reliable opinions on accounting issues are crucial for ensuring true and fair financial reporting. The intensively researched and independent opinions issued by the Expert Advisory Committee plays a significant role in assisting preparers of financial statements by providing solutions to complicated accounting situations/transactions. Since its inception, the Committee has been continuously providing opinions on the issues referred to it by the members of the Institute across all industries as well as by the regulatory and government bodies such as, Comptroller and Auditor General of India (C&AG), Securities and Exchange Board of India (SEBI) etc.

(I) Expert Opinions

The Committee answers queries in accordance with Advisory Service Rules, as per which queries relating to accounting and/or auditing principles are answered by the Committee and it does not answer queries which involve only legal interpretation of various enactments. The Committee also does not answer queries involving professional misconduct or on a matter pending before the Disciplinary Committee of the Institute, any court of law, the Income-tax authorities or any other appropriate department of the Government. These Rules are available on the website of the ICAI, at its link, https://www.icai.org/post/495 or can be obtained from the Institute’s Head Office at New Delhi. The opinions are finalised by the Expert Advisory Committee on the basis of the specific facts and circumstances of the query, as supplied by the querist in the light of the relevant laws/ statutes and considering the applicable accounting/auditing principles. Each EAC Opinion contains the date of its finalisation and should be read in the light of any amendments/developments subsequent to such date.

(II) Opinions finalised during the period

From 01.04.2023 to 30.06.2024, the Committee has finalised opinion on Seventy one (71) queries on diverse accounting issues.

(III) Compendium of Opinions/Dissemination of knowledge

In order to make available the accounting guidance contained in the opinions to the members and other stakeholders, the opinions issued by the Committee are periodically published as a Compendium of Opinions. So far, Forty-two volumes of the Compendium of Opinions have been published. These volumes are extensively referred to and relied on by the professionals. For easy reference, these opinions have also been compiled and hosted in the form of an advanced and user-friendly search application on the website of the ICAI. Some of the opinions of general professional relevance are published in every issue of the Institute’s Journal, ‘The Chartered Accountant’. Recent opinions of the Committee are also hosted on the website of the Institute.

(IV) Webinars/Seminars

With an objective to disseminate knowledge and to create awareness amongst the members and other stakeholders about EAC opinions, the Expert Advisory Committee organised 10 Webinars on ‘Recent EAC Opinions’. The Expert Advisory Committee organised its first ever physical seminar on ‘Recent EAC Opinions under Ind AS Framework’ at Mumbai. The participants appreciated the interactive nature of the Seminar and the expertise of the Speakers and felt that the opinions discussed were of immense relevance.

(V) Activities in Detail

The opinions on the following subjects have been finalised during the period:

• Accounting treatment of subsequent expenditure as per Ind AS 16, ‘Property, Plant and Equipment’.
• Classification of Lease Receivables.
• Accounting treatment of revenue on conversion of leasehold land to freehold land under Ind AS framework.
• Accounting for CSR Expenditure under AS framework.
• Treatment of Government Grant under AS framework.
• Accounting treatment of similar leasehold assets held by parent and subsidiary company with different functional currencies under Ind AS framework.
• Accounting treatment of similar leasehold assets held by parent and subsidiary company in consolidated financial statements.
• Presentation of amounts received under Channel Financing Facility as per the requirements of Schedule III to the Companies Act, 2013.
• Accounting treatment of Concession Agreement under AS framework.
• Recognition of Leased Project Assets as Identified Assets as per Ind AS 116.
• Presentation of financials of Capital Redemption and Annuity Certain (CRAC) Business, in the financials of the Corporation.

 

WWW.TAXSCAN.IN – Simplifying Tax Laws

258                                     THE GAZETTE OF INDIA : EXTRAORDINARY                             [PART III—SEC.4]

• Classification/Presentation of amount paid for acquisition of Land as Inventory or Advance under Ind AS framework.
• Residual Value of Natural Gas/ LPG Transmission Pipeline under Ind AS framework.
• Accounting treatment of Spectrum Charges incurred for construction of High Speed Rail Project by the Company, under Ind AS framework.
• Accounting treatment of Project Promotion Expenses incurred for construction of High Speed Rail Project by the Company, under Ind AS framework.
• Accounting treatment of Research & Development Expenditure incurred for construction of High Speed Rail Project by the Company, under Ind AS framework.
• Presentation of Trade Receivables realised by way of discounting of bills in the Financial Statements under Ind AS framework.
• Presentation of standby, stoppage and allied costs incurred during force majeure in the project in the Statement of Profit and Loss.
• Accounting for interest income earned on fixed deposits (FD) made out of Qualified Institutional Placement (QIP) funds and QIP issue expenses, under Ind AS framework.
• Accounting treatment of other income (Bank Interest on Funds invested out of advance received from Ministry of Railways (MoR) termed as External Aided Project (EAP)) under Ind AS framework.
• Presentation of financials of the schemes and funds sponsored by the Government of India (GoI) and managed by the Corporation in its financial statements.
• Foreign Exchange fluctuation applicability in the books of the Company.
• Accounting treatment of pre-project expenses for which fund approval is pending under Ind AS framework.
• Accounting treatment for Energy Service Project under Ind AS framework.
• Accounting Treatment for Energy Service Company (ESCO) Project i.e. Smart Metering Program/Project under Ind AS framework.
• Accounting treatment and disclosure of Debit Balance of Capital Reserve arising on merger.
• Presentation of interest payable and depreciation for earlier years in the Statement of Profit and Loss.
• Accounting for Company’s Liability towards Social Security Scheme Fund as per the requirements of Ind AS 19, ‘Employee Benefits’.
• Accounting treatment of foreign exchange gain/loss arising out of payables for capital goods/services under Ind AS framework.
• Factoring time value of money while calculating Expected Credit Losses (ECL) on deferred debt (retention money) under Ind AS framework.
• Accounting treatment of Hybrid Annuity Projects under Ind AS framework.
• Revenue recognition in case of a Mortgage Guarantee Company under Ind AS framework.
• Accounting Treatment for ESCO Project i.e. Electric Vehicle Charging Infrastructure (EVCI) under Ind AS framework.
• Accounting for underlift/overlift quantity of crude oil in oil and gas joint operations under Ind AS framework.
• Accounting of Grant received from a Shareholder acting in the capacity of Government under Ind AS Framework.
• Accounting treatment for late payment interest expenses in case of a new Company formed for setting up of new Urea Plant and is under operation phase under Ind AS framework.
• Accounting for grant received from Ministry of Petroleum and Natural Gas (MoPNG) for operation and maintenance (O&M) expenditure under Ind AS framework.
• Timing of capitalisation of the project as Property, Plant and Equipment under AS framework.
• Accounting and related disclosure of Settlement Guarantee Mechanism (SGM) in Financial Statements – [Collateral received from Member Banks as ‘Liability’ and Investment in Fixed Deposits of the collateral amount as ‘Asset’] under Ind AS framework.
• Accounting treatment of additional capitalisation arisen due to arbitration award.
• Classification of accrued interest on short term FDR/flexi deposits of 3 months or less.
• Accounting and disclosure of Promoter Investment in another company (having 4.05% equity) under Ind AS framework.
• Accounting for grant received from the Ministry of Petroleum and Natural Gas (MoPNG) for acquisition of land for construction of caverns under Phase II under Ind AS Framework
• Accounting treatment of Government Grant received by an entity which was subsequently incorporated as a Company.
• Method to be adopted to determine Fair Value of Investment under Ind AS Framework – Book Value of Standalone Financial Statements or Consolidated Financial Statements.
• Point of recognition of forfeited veethapalisa income under Ind AS framework.
• Accounting treatment of certain expenditure incurred for the project under AS framework.
• Recognition of windmill plant as a property, plant and equipment or as Right of Use Assets.
• Accounting treatment for Energy Service Project i.e. Solar Power Projects under Ind AS framework.
• Revenue recognition from Contracts with Customers under Ind AS 115.
• Classification of portion in the common office complex, occupied by Parent Company, as investment property in the subsidiary company’s financial statements.
• Accounting for major spares.
• Accounting for sovereign crude oil purchase, sale and inventory by the Company on behalf of Government of India (GoI) under Ind AS framework.
• Recognition of late payment surcharge (LPSC) in accounts under Ind AS framework.
• Accounting treatment of cost of land acquired and cost incurred on construction of staff quarters of polytechnic college under Ind AS framework.
• Accounting treatment under Ind AS framework of Grant in lieu of Equity received from promoters of the Company for construction of the project.
• Accounting treatment under Ind AS framework of grant for technical Assistance.
• Accounting treatment under Ind AS framework of interest free Subordinate Debts received from the Government.
• Accounting for subsidy receivable, under Ind AS framework.
• Capitalisation of ATS Charges due on Intangible Asset under development (ERP).
• Accounting Treatment of Shareholder’s Loan provided to Joint Venture Company under Ind AS framework.
• Classification of the Project as Inventory or Investment Property under Ind AS framework.
• Accounting treatment of unamortised portion of grant from government/ government agencies under Ind AS framework.
• Accounting for interest-free subordinate debts under Ind AS framework.
• Consolidation of Section 8 Company with listed Company.
• Accounting for transition in the project upon transfer of rights and obligations of the erstwhile consortium to a new company by way of government decree.
• Recognition and presentation of non-refundable upfront fee/premium for development of hydroelectric project under Ind AS framework.
• Classification and Presentation of accrued wages and salaries to employees to be under Trade Payables or Provisions (Current).
• Presentation of interest income on Balance Annuity Payment (60% of completion cost) from grantor under Ind AS framework.
• Recognition of revenue from installation services.
• Recognition of revenue from maintenance services.

6.11 Financial Reporting Review Board (FRRB)

The Financial Reporting Review Board (FRRB) is playing a paramount role in improving the financial reporting practices prevailing in India. It was constituted in July 2002, by the ICAI as its non-standing committee as a proactive measure to improve the financial reporting practices in the Country and to improve the quality of audit by the Chartered Accountants. The FRRB reviews the general-purpose financial statements of various enterprises with a view to determine, to the extent possible, compliance with the generally accepted accounting principles in preparation and presentation of financial statements, compliance with the disclosure requirements prescribed by regulatory bodies, statutes/rules and regulations relevant to the enterprise and compliance with the reporting obligations of the enterprise as well as the auditor. The Board comprises of members of the Central Council of the ICAI including Government of India nominee. The Board also had the privilege of the representations from the office of the Securities and Exchange Board of India (SEBI), Comptroller and Auditor General of India (C&AG), Central Board of Indirect taxes and Customs (CBIC), Central Board of Direct taxes (CBDT), Insurance Regulatory and Development Authority (IRDA), Central Electricity Authority (CEA), National Bank for Agriculture and Rural Development (NABARD) and Niti Aayog during this period.

Accomplishments of the year:

(I) Undertaken review (Review of Cases selected on suo motto basis or as Special)

The Board has completed the review of 116 cases selected on suo motto basis or as special case. It includes review of 13 financial statements undertaken as special cases and 86 Ind-AS Financial Statements. Out of these 116 cases, 18 cases have been referred to concerned regulators and Director (Discipline) for further action, and in 64 cases, Board decided to issue advisory to the auditor of the enterprise.

Cases considered  and finalised by the Board	Cases referred to Director (Discipline) of ICAI for further action where serious non-compliances observed	Cases referred to Regulators (MCA, SEBI) for serious non- compliances observed on companies (out of the cases in (B))	Issued advisories to the auditors
(A)	(B)	(C)	(D)
116	18	15	64

(II) Contribution to Society – Commitment to Nation

In its endeavour to support regulators as well as to bring transparency in financial reporting, the FRRB has undertaken, as special cases, review of 18 general purpose financial statement and auditor’s reports thereon of various enterprises as referred by regulators, based on media reports and other references received.

• Status of review of cases referred by Regulators

> The Board was requested by the Election Commission of India to undertake review of the annual audited accounts of 6 National political parties and recognized parties with income/ expenditure exceeding Rs. 10 Crore. Accordingly, ECI sends financial statements of political parties from time to time to ICAI-FRRB for review. During the period, the financial statement of a political party has been sent by ECI to FRRB for review which has been considered by the Board.

> The list of 42 CA firms was shared by Office of the Comptroller & Auditor General of India with ICAI, which were identified as “Unsatisfactory Performance as auditors of Public Sector Undertakings” and wherein advisory has been issued to 17 CA firms and 25 firms have been debarred for a specific period by C&AG. The Board decided that the firms which have been barred by C&AG, would be sent to Director (Discipline) of ICAI for initiating appropriate action as per Chartered Accountant Act, 1949. With regard to CA firms to whom advisory has been issued by C&AG, the Board has undertaken review of the general purpose Financial Statements of 6 enterprises audited by the same auditor. During the period, the Board has considered the review of general-purpose Financial Statements of 2 enterprises and remaining 4 enterprises were considered in Council Year 2022-23. The Board decided to issue advisory to the auditor of all the enterprises.

> Based on the list of companies under liquidation received from Insolvency & Bankruptcy Board of India (IBBI), the Board has considered the review of 7 selected companies during the period. Out of these cases, 1 case has been referred to Director (Discipline) for further investigation and in 3 cases, Board decided to issue advisory to the auditor of the enterprise.

(III) Web Portal of FRRB: Automation of FRRB workflow using Rule based Analytics

As a strategic move towards automating workflow processes and leveraging rule-based analytics for the identification of common non-compliances based on XBRL financial statements, the web portal of FRRB serves the purpose of streamlining operations and establishing efficiency in the FRRB’s functions. The web portal also involves creating data in the system on the basis of past years’ review cases, forming a comprehensive repository of non-compliances. This digital platform signifies a progressive step in the FRRB’s commitment to modernizing operations and enhancing the effectiveness of financial reporting reviews through technological advancements.

(IV) Communication to Members on Non- Compliance

A new initiative has been taken by the Board to update the members on various non-compliances observed during the review of the Financial Statements. Accordingly, regular mass mails are being sent to members. Mass mails have been sent to members as follows:

• ‘’Commonly found Non-compliances in Financial Statements of Banks” on 11^th May 2023,
• “Commonly found Non-compliances in Financial Statements of Companies – Auditor’s Report and CARO, 2016” on 16^th June 2023 and 11^th August 2023,
• “Commonly found Non-compliances in Financial Statements of Companies – Assets” on 19^th September 2023.
• “Commonly found Non-compliances in Financial Statements of Companies – Equity and Liabilities” on 21^st November 2023.

(V) Twitter Handle-FRRB

In order to spread awareness among the members regarding the non-compliances observed by FRRB and to give regular updates on the same, ‘Did you know?’ series is going on at FRRB’s X account with 4,278 followers as on date. During the period, 130 tweets have been posted on the errors observed on the compliance related to Accounting Standards (Ind AS and IGAAP).

(IV) Webinars, Seminars, VCMs and Programme

The Board conducted Virtual CPE Meeting and Seminars/Programme on ‘Commonly Found Non-compliances of Financial Reporting Requirements’ and Financial Reporting Practices” respectively.

• Seminar on The changing dynamics of the Ind AS and Companies Act, 2013: Issues and Challenges in Implementation with PHDCCI

The Then Chairman, FRRB along with Chairman, NFRA addressed in the seminar on “The changing dynamics of the Ind AS and Companies Act, 2013: Issues and Challenges in Implementation” held on October 13, 2023. The event was organized by the PHD Chamber of Commerce and Industry. The purpose of the seminar was to discuss the recent changes in the Indian Accounting Standards (Ind AS) and Companies Act, 2013, and their impact on financial statements. Additionally, key observations of NFRA and FRRB relating to disclosures in the financial statements were highlighted during the seminar.

• A Webinar Series on ‘Commonly found Non-Compliances of Ind AS and Companies Act, 2013’ was held in April 2024.

This series aimed to provide preparers and auditors of financial statements with insights into regulatory compliances and common non-compliances, thereby enhancing the quality of financial reporting. The webinar series was initiated in the month of April, coinciding with the period when most of the listed entities finalise their financial statements. With over 1700 participants, the program was a resounding success.

• 2 Day Training Programme for Technical Reviewers and FRRG Members at Amritsar and at Mumbai

To update the Technical Reviewers (TRs) and members of Financial Reporting Review Group (FRRGs) on Ind ASs and equip them with the necessary skills required to review the Ind AS based financial statements ‘2 Day Residential Workshop for Technical Reviewers and FRRG Members’ were organized by FRRB on June 2-3, 2023, at Amritsar and October 7-8, 2023, at Mumbai. The programmes were well appreciated by the participants.

• Awareness programmes- Upskill Knowledge on Financial Reporting Practices

To spread the awareness amongst the members about the pertinent issues in the areas of reporting as well as to apprise them about the common non-compliances observed by the Board during review of financial statements various programmes were held during the period at Goa, Navi Mumbai, Thane, Raipur, Kannur, Bharuch, Ratlam, Jabalpur, Amritsar, Bhilai, Ludhiana, Sonipat, EIRC, Mumbai, Ahmedabad These programmes were well attended by the participants.

6.12 GST and Indirect Taxes Committee (GST & IDTC)

The GST & Indirect Taxes Committee of ICAI actively supports the Government in GST policy making, implementation, research and knowledge sharing through its technical publications, e-learning initiatives, newsletter, videos etc. Further, the Committee works to upgrade the skills of the members of ICAI and the taxpayers by organising workshops, certificate courses, seminars etc. on GST & other indirect taxes independently and/or jointly with chambers of commerce, trade bodies, industry associations. Furthermore, the Committee supports the capacity building initiatives of the Government by organising customised training programmes on GST for the Officers of the Central Tax, State Tax/Union Territory Tax and other Government departments. The Committee is diligently working to address and bridge the GST Knowledge Gap in every sector and of every stakeholder.

(I) Initiatives towards Partner in Nation Building

• Memorandum of Understanding with State Governments

The Institute, through its GST & Indirect Taxes Committee, has entered into Memorandum of Understanding (MoU) with Department of State Taxes, Goa in July, 2023, State Taxes Department, Jammu & Kashmir in October, 2023 and Commercial Taxes Department, Andhra Pradesh in April, 2024 to develop co-operation and collaboration in capacity building, research, assistance in policy making, consulting and other related activities. The MoUs will ensure regular capacity building of the officers of the State Tax/Commercial Tax Departments.

• Reinforcing GST policy making, implementation and research – Technical inputs

> Inputs to Revenue Secretary

The Chairman and Vice-Chairman, GST & Indirect Taxes Committee attended the meeting convened by GST Policy Wing, Central Board of Indirect Taxes and Customs on 17^th June, 2023 to discuss the measures to curb the menace of fake ITC and fake registrations. The meeting was chaired by the Revenue Secretary.

> Suggestions on the GST Portal

The Committee submitted its suggestions on GST Portal. Further, the Chairman and the Vice-Chairman, GST & Indirect Taxes Committee attended a breakout session on ‘Leveraging of Technology –(i) Improvement of Taxpayer services, and (ii) Widening of tax base’ in the ‘Chintan Shivir’ organized by the Department of Revenue, Ministry of Finance on 02.08.2023 and presented the suggestions of ICAI on the subject.

> Representation on mass show cause notices on GST issued under section 73 for the Financial Year 2017-18

The Committee submitted a representation on 16^th October, 2023 to the Principal Commissioner of State Tax, Government of Assam on mass show cause notices on GST issued under section 73 for the Financial Year 2017-18 in the month of September 2023. The representation was submitted as the notices were issued in haste and at the last moment in a generic manner without considering the individual facts of each case.

> Suggestions on Central Excise Bill, 2024

The Central Board of Indirect Taxes & Customs (CBIC) had invited suggestions on draft ‘Central Excise Bill, 2024’ from stakeholders by 26.06.2024. Accordingly, the Committee submitted its suggestions draft ‘Central Excise Bill, 2024’ on 26^th June, 2024.

> Pre-Budget Memorandum, 2024

The Chairman, GST & Indirect Taxes Committee presented suggestions on customs at the Pre-Budget Meeting convened by Department of Revenue, Ministry of Finance on 27^th June, 2024 at North Block, New Delhi. The Pre-Budget Memorandum, 2024 containing the aforesaid suggestions was submitted to the Government on the same date.

• Enabling Centre, States and Union Territories to deliberate and share experiences of GST journey

> National GST Symposium 2023 – Reinforcing Synergy

The Committee organized its 2^nd National GST Symposium for Central Tax, State Tax and Union Territory Tax Officials at Guwahati, which was inaugurated by the then Vice-President, ICAI on 20^th January, 2024. The Symposium brought together the Central Tax, State Tax and the Union Territory Tax Officers on one platform to foster synergy, discussions, exchange of ideas, flag issues and brainstorm resolutions. More than 60 high-ranking officers including Chief Commissioners, Commissioners, Additional Commissioners, Joint Commissioners from twenty-two States (22) [20 States & 2 Union Territories] participated in the Symposium. From GSTN, three senior officers viz., Executive Vice President, Vice President, GSTN and CFO participated in the Symposium.

• Supporting the capacity building initiatives of the Government – Capacity Building Programmes for Officials of States, Centre and Other Government Departments

During the period, the Committee organised twenty Capacity Building Programmes on GST for the GST Department of State Governments, Central Government and Other Government Departments upskilling more than 1,200 officers.

• Meetings with functionaries of the Central and State Governments

10 meetings were held during the period with various Commissioners of State Tax/GST and the other senior officers of Central and State Governments. The objective of the meetings was to apprise the Officials about the various initiatives taken by the ICAI with regard to GST and discuss ways and means through which the GST & IDT Committee can offer proactive support to the Government in the area of GST. Further, the Chairman, GST & Indirect Taxes Committee attended the inaugural ceremony of the new campus of NACIN in Palasamudram, Andhra Pradesh on 16^th January, 2024, which was inaugurated by Hon’ble Prime Minister of India.

• Outreach Programme for Trade Association

The Committee organized an outreach programme on GST in association with Karnataka Small Scale Industries Association on 8^th Sept, 2023 at Bangalore which was attended by 150 participants.

(II) Important Events -National

• National Conference on GST

During the period, the Committee organised ten National Conferences on GST/Indirect Taxes at Ernakulam (2), Pune (2), Indore (2), Kolkata, Nashik, Bhubaneswar and Mumbai which were attended by approx. 4500 members.

(III) Initiatives for Members

• Certificate Course on GST

With a view to build the capacities of the members in GST in a systematic manner and enhancing their skills, the Committee launched a Certificate Course on GST on 28^th April, 2017. Since then, the Committee has been regularly organising the Course across India. During the period, twenty-seven batches of the Course were organised which were attended by 1010 members. Further, Assessment Tests for the Certificate Course on GST was conducted online on 6^th August, 2023 and 10^th February, 2024. A total of 299 members successfully passed the Assessment Test.

• CPE events on GST

With a view to update the members with the latest developments in GST & other indirect taxes, so far this year,
the Committee has organised 77 CPE events (workshops, seminars etc.) upskilling more than 10,000 members.

• Webcasts/Webinars

During the period, the Committee organised 8 webinars on various contemporary topics in GST which were attended by more than 4500 delegates.

• ICAI Newsletter on GST

With a view to provide updated information of GST to all stakeholder(s), ICAI launched its dedicated Newsletter on GST in April 2017. During the period, ten Editions of the ICAI –Newsletter on GST were published.

• 10 Point GST Series – An initiative towards GST Knowledge Dissemination

“10 point GST Series”, a short video series, is being developed with the objective of creating awareness and spreading knowledge of GST amongst all stakeholders. Different aspects of GST law are being covered in this video series, with each aspect being explained in 10 points in one video. During the period Committee has developed seven such short videos for the 10 Point GST Series taking the total tally of the short videos to 19. All the short videos developed have been hosted on the Committee website and the ICAI Digital Learning Hub.

• GST Updates

GST law is an extremely dynamic law with multitude of notifications/ circulars/ orders/ instructions being issued frequently. With a view to keep the members abreast with such frequent changes, GST Updates containing the summary of such changes are prepared by the Committee as and when any notification/circular/order/instruction etc. is being issued by the CBIC and mailed to over 50 thousand users registered on the website of the Committee as also uploaded on the website of the Committee. During the period, 52 updates were prepared and circulated.

(IV) Publications

• Technical Guide on GST Annual Return (Form GSTR 9)
• Technical Guide on GST Reconciliation Statement (Form GSTR 9C)
• Background Material on GST Demands & Appellate Remedies
• GST Act (s) and Rule(s)- Bare Law (revised thrice)
• Background Material on GST (revised twice)
• Guide to CA Certificates in GST
• Handbook on TDS Provisions under GST
• Compliances of GST in Banking Sector
• BGM on Training Programme for GST Officers

6.13 Board of Internal Audit and Management Accounting (BIAMA)

Today’s increasingly complex and risky business landscape has resulted in both elevating the importance of internal audit as well as subjecting it to significant challenges. Internal audit activities have become more critical for organizations for improving efficiency and effectiveness of operations, increasing reliability of financial reporting and promoting compliance with regulations. Considering these developments, the Board of Internal Audit and Management Accounting of the Institute of the Chartered Accountants of India provides continuous support to ICAI and its members through proactive standard setting and guidance in the area of internal audit, including guidance related to risk management and governance and to conduct cutting edge research and education to help members offer innovative and effective solutions and comprehensively serve needs of all stakeholders.

The Board is working relentlessly to bring out high quality technical literature in the form of Standards on Internal Audit and Technical Guides/ Studies/ Manuals, which constitute an important tool in helping internal auditors to provide effective and efficient internal audit services to the clients and/ or employers. The Board of Internal Audit and Management Accounting, ICAI has wide mission to provide continuous support to ICAI and its members through proactive standard setting and guidance in the area of internal audit, including guidance related to risk management and governance and to conduct cutting edge research and education to help members offer innovative and effective solutions and comprehensively serve needs of all stakeholders.

(I) Certificate Course on Concurrent Audit of Banks

The Board of Internal Audit and Management Accounting of the ICAI is conducting Certificate Course on Concurrent Audit of Banks‖ to enable members to supplement the effort of the banks in carrying out internal check of the transactions and other verifications and compliance with the procedures laid down, improve the effectiveness of concurrent audit system in banks, improve quality and coverage of concurrent audit reports and understand the intricacies of concurrent audit of banks. The Board had organised 10 batches of Certificate Course on Concurrent Audit of Banks in Physical and 4 batches in Virtual mode during the period and around 1004 participants have successfully completed the course.

(II) Certificate Course on Internal Audit

Certificate Course on Internal Audit has been completely revamped by Board of Internal Audit and Management Accounting, ICAI with new topics and heavy dose of information technology, being launched in a contemporary format to serve the needs of all stakeholders. The Certificate Course on Internal Audit has been designed to help the members to enhance the expertise of the Chartered Accountant in Internal Audit, Build Governance, Risk and Compliance as one of their core competencies and help certified members to distinguish themselves from others conducting internal audits. The Board had organised 2 batches of Certificate Course on Internal Audit in Physical and 3 batches in Virtual mode during the period and around 417 participants have successfully completed the course.

(III) Post Qualification Course – Diploma on Management and Business Finance (DMBF)

The Board is running Post Qualification Course – Diploma on Management and Business Finance (DMBF) to enable the members to gain acumen, expertise and in-depth knowledge in the areas of Management and Business Finance. The Board has conducted 4^th batch of the said Course in online mode and as of now, 40 members have successfully completed the Course.

(IV) Programmes, Seminars, Conferences and Webinars on Awareness on Internal Audit

With a view to provide platform of dissemination of knowledge among members, the Board has organized 52 webinars on Internal Audit on various topics in virtual mode during the period. 16 programs have been conducted by the Board in physical mode during the period- Standards on Internal Audit (SIAs), ICAI Internal Auditors Interactive Meet 2023, Internal Audit and Control, Residential Refresher Course on Internal Audit, Internal Audit Methodology and Reporting Techniques, Red Flags Internal Audit etc.

(V) Publication Issued

• Technical Guide on Internal Audit of IT Software Industry
• Technical Guide on Risk-based Internal Audit in Banks
• Technical Guide on Internal Audit of Pharmaceutical Industry
• Technical Guide on Auditing Waste Management
• Technical Guide on Internal Audit of Not-for-Profit Organisations (NPOs)
• Internal Audit Checklist
• Study on Co-ordination of Internal Auditor with Functional Heads
• Manual on Concurrent Audit of Banks

6.14 Committee for Members in Industry and Business (CMI&B)

CMI&B is one of the non-standing Committees of the ICAI dedicated to fostering and strengthening the bonds between Chartered Accountants in Industry & Business and the Institute. In pursuit of this objective, since its inception in 1995, its mission is to encourage and enhance close links between the ICAI and the Chartered Accountants in industries in various capacities so as to provide for them, a base of reference in terms of knowledge, expertise, skills and assistance in individual career growth through the development of extensive and intensive relationship with business organizations, Industries of various sectors, agencies of the Government, Departments and Ministries of the Central and State Government in such manner as to provide the maximum possible exposures to the world of trade, commerce, industry and Governance, while simultaneously pursuing the goal of providing the maximum of employment opportunities.

(I) Major areas of work of CMI&B

• Campus placement Programmes for newly qualified Chartered Accountants
• Career Ascent Programme for placement of experienced Chartered Accountants
• Mentorship Programme
• CFO Meet
• Annual Awards to recognise CA achievers in industry and business
• Facilitating CPE Study Circles for Members in Industry
• Enhancing the strength of the Members in Industry from Initial to Top level

(II) Campus Placement Programmes for newly qualified Chartered Accountants

Campus Placement Programme (held twice a year) provides a platform to both the Newly Qualified Chartered Accountants (NQCAs) and the organizations looking to hire the best available talent to fulfil their Human Resource requirement. This programme, being a one stop solution, offers a unique opportunity to the employers to interact with the NQCAs, peruse the particulars of a huge pool of promising professionals and recruit the suitable one(s) who is found to be better than the best.

• 57^th edition of Campus Placement Programme – February March 2023

The 57^th edition of Campus placement Programme covered the candidates who have passed final examination held in Nov 2022 examinations and Candidates who passed final examination at the immediate previous examination, but did not register for the then campus programme, were allowed to register. The interviews were successfully completed at 9 major (Ahmedabad, Bengaluru, Chennai, Hyderabad, Jaipur, Kolkata, Mumbai, Delhi, and Pune) and 17 smaller centres (Bhubaneswar, Bhopal, Chandigarh, Coimbatore, Durgapur, Ernakulam, Indore, Kanpur, Lucknow, Nagpur, Noida, Patna, Ranchi, Raipur, Thane, Vadodara, and Visakhapatnam).

The statistical information of (57^th edition) is as under:

Campus Placement Programme	February-March 2023
Number of Candidates registered	10228
Total No. of Organizations participated	189
Total Number of Interview Teams	507
Number of jobs offered by the participating organizations	5814
Number of jobs accepted by candidates	4249
Highest salary (cost to company) offered for Domestic Posting	INR 28 lakhs (per annum)
Average salary (cost to company)	INR 12.45 Lac (Per Annum)
Average salary	INR 10.57 LPA

An Orientation Programme was organized in physical mode at the 9 bigger centres from 3^rd February to 9th February 2023 and mock interview in virtual mode at 9 bigger centres from 22^nd to 27^th February 2023.

• 58^th edition of Campus Placement Programme – August-September 2023

The 58^th edition of Campus placement Programme covered the candidates who have passed final examination held in May 2023 examinations and Candidates who passed final examination at the immediate previous examination, but did not register for the then campus programme, were allowed to register. The interviews were successfully completed at 9 major (Ahmedabad, Bengaluru, Chennai, Hyderabad, Jaipur, Kolkata, Mumbai, Delhi, and Pune) and 17 smaller centres (Bhubaneswar, Bhopal, Chandīgarh, Coimbatore, Durgapur, Ernakulam, Indore, Kanpur, Lucknow, Nagpur, Noida, Patna, Ranchi, Raipur, Thane, Vadodara, and Visakhapatnam). The statistical information of (58th edition) is as under:

Campus Placement Programme	August-September 2023
Number of Candidates registered	10097
Total No. of Organizations participated	169
Total No. of Interview teams	383
Number of jobs offered by the participating organizations	3395
Number of jobs accepted by candidates	2385
Highest salary (cost to company) offered for Domestic Posting	INR 23.70 lakhs (per annum) ITC Ltd
Highest salary (cost to company) offered for International Posting	INR 49.20 lakhs (per annum) Tolaram Group (a historic high)
Average salary (cost to company)	INR 12.32 Lac (Per Annum)

An Orientation Programme was organized in physical mode at the 12 centres from 7^th to 27^th August 2023 and mock interview in virtual mode at 9 bigger centres from 10^th to 16^th August 2023.

(III) Career Ascent Programme for placement of experienced Chartered Accountants

CMI&B offers a customized Campus Placement Programme for the experienced Chartered Accountants which provide a platform to the Chartered Accountants to secure career advancement in leading organisations and excellent opportunity for organisations to recruit best of finance and accounts professionals. This drive is an extended dimension to the existing campus placement programme, being regularly undertaken by CMI&B for the Newly Qualified Chartered Accountants, twice a year. The Indian companies participating have to offer a minimum CTC as per the following experience criteria:

S. No.	Work Experience	Minimum CTC
1.	1-5 Years	12 LPA
2.	5-10 Years	17 LPA
3.	10-20 Years	26 LPA
4.	20 Years & above	38 LPA

Career Ascent program, 2023 was organized in June 2023. A snapshot of the program is given below:

Career Ascent program, 2023	June 2023
Total Registered members	3825
Total No. of Organizations	34
Total No. of Interview teams	84
Total declared Vacancies	2200
Total shortlisted candidates	3096
Total offer candidates	418
Total offer accepted candidates	245

(IV) Placement Program for Women CAs

ICAI has been taking several measures to develop capacities of women members to effectively utilize their professional knowledge and expertise. In the spirit of empowering women members, ICAI organized Second Placement program for Woman CAs jointly with Woman Member Empowerment Committee (WMEC). Second Placement Programme for Women CAs jointly with Woman Member Empowerment Committee was held virtually at 9 bigger and 12 smaller centres on 31^st October and 31^st October,2023. The recruiters and candidates were given the option of flexi-timings, part time and work from home. To help prepare for the interview panel and to address queries Orientation Programme for registered women members was held on 28^th October 2023. The Brief Statistics is given below:

Career Ascent program, 2023	June 2023
Total Registered members	1749
Total No. of Organizations	20
Total No. of Interview teams	51
Total declared Vacancies	257
Total shortlisted candidates	920

(v) Annual ICAI Awards to recognise CA achievers in industry and business

The ICAI established the ICAI Awards in 2007 to acknowledge members who have demonstrated excellence and displayed an enduring commitment to achieving heights in their roles as CA professionals. These awards aim to honor individuals exhibiting excellent skills, dedication, enthusiasm, leadership, and the ability to deliver the best practices that others strive to emulate. The Award process for this year commenced on September 14, 2023, with the registration of nominations under various categories, including CA Business Leader, CA CFO & CA CXO, CA Entrepreneur – Leader & Rising Star, CA Global Achiever, CA Educator, CA Young Member – Female & Male, and CA Special Recognition (for specially-abled). A total of 181 nominations were received, among which 161 were found eligible. The shortlisted names were presented before the eminent Jury members, who considered the nominations and presentations by the Nomination Process Auditor, Desai Haribhakti Consulting Pvt. Ltd., during the Jury Meet on December 20, 2023, in Mumbai. The Jury selected 27 awardees across various categories.

(VI) Leadership Summit 2024

The Leadership Summit 2024 was organized on January 6, 202 at Mumbai, focusing on the theme “Leading through changes: Navigating the Future Finance.” The summit featured distinguished speakers sharing their insights on various topics. The first discussion centred around “Exploring AI Digital Innovations and Challenges in the Realm of Cybersecurity.” The panel included Founder and Managing Partner, Harshwal & Company LLP, President Corporate Strategy and Digital Transformation, Times Network, Founder & CFO – ComplyAny and Corporate Trainer, Consultant, Coach, Faculty, Founder, KAGR moderated this session, addressing the intricacies of AI, digital innovations, and challenges in cybersecurity. The second topic of discussion was “Business Goals – The CEO & CFO Dynamics,” featuring insights from Group Managing Director- Ashok Piramal Group and Director & CEO – Anand Rathi Global Finance Limited. Vice President – Golden Source moderated the conversation, shedding light on the intricate dynamics between CEOs and CFOs in achieving organizational goals. Two special sessions were also held. The first focused on “CFO in the Next Paradigm” with, Group Chief Operating Officer at Joi Financial Services Management. The second special session explored “The Role of CAs in Nation-Building” with insights from MD & CEO of HDFC Asset Management Company Limited. The final session delved into “Capital Market – India Growth Story,” featuring Chairman – Anand Rathi Group, Ex Senior Fund Manager-Kotak MF and CEO – Carnelian Asset Management & Advisors Pvt Ltd. Director, Hem Securities Ltd moderated this discussion on the growth narrative of India’s capital market. The summit provided a platform for robust discussions and valuable insights, offering a comprehensive exploration of the evolving landscape of finance and the role of finance professionals in shaping the future.

(VII) Recognition of 40 CA Business Leaders under the age of 40 – Event titled “40 UNDER 40 – CA BUSINESS LEADERS”

In recognition of significant contributions and in a bid to acknowledge the achievements of young outstanding performers within its member base, the Committee For Members in Industry & Business (CMI&B) organized the prestigious CA Business Leader-40 Under 40 Season 2 awards, in association with CNBC- TV18. The campaign was designed to honor individuals under the age of 40 who have demonstrated excellence and unwavering commitment as CA Business Leaders. The event celebrated the spirit of excellence among dynamic Chartered Accountants. The award ceremony took place on December 11, 2023 in Mumbai. The event aimed to recognize and honor young CA Business Leaders for their exemplary contributions and commitment to achieving excellence in their respective fields. The awards were judged by a distinguished panel of industry experts and leaders: Vice Chairman, Bharti Enterprises, Former MD & CEO, KEC International, CEO/MD, India First Life Insurance Co, Chief Executive Officer, IRM India Affiliate, Independent Director and Advisor, CFO, LIC of India. The awards focused on recognizing and felicitating the exceptional contributions of young Chartered Accountants who have demonstrated excellence and dedication to advancing the CA profession. The event featured a thought-provoking panel discussion on the topic “India’s Amrit Kaal: Roadmap for a Sustained & Inclusive Economy.” The event not only recognized the outstanding achievements of young Chartered Accountants but also provided a platform for insightful discussions on key topics impacting the economy. The presence of distinguished jury members and accomplished panellists added value to the event, making it a memorable occasion for all participants.

(VIII) Virtual Townhall on the theme “Scripting India’s Balance-sheet for Global Leadership”

The Virtual Townhall on the theme “Scripting India’s Balance-sheet for Global Leadership” was convened to address the pivotal role of Chartered Accountants (CAs) in contributing to and strengthening India’s current growth trajectory for global leadership. The event highlighted the critical connection between India’s economic growth, the role of CAs, and the strategic decisions made by businesses in terms of financial and tax planning. The Virtual Townhall served as a platform for thought leaders, industry experts, and award-winning CAs to discuss and strategize on India’s path to global leadership. The insights shared by ICAI leaders and industry professionals, coupled with the experiences of the awardees, enriched the discussion on financial planning, favourable policies, and the leadership role of CAs in steering India’s growth story. The event concluded with a commitment to collaborative efforts between the ICAI, CMI&B, and the business community to script India’s balance-sheet for global leadership in the coming decade.

(IX) Facilitating CPE Study Circles for Members in Industry

The CMI&B facilitates the organizations having more than 25 Chartered Accountants working therein to form a forum/ study Circle to take forward the continuing professional learning for them. These Study Circles help them to organise in house training sessions and training programmes on topics of contemporary relevance for them.

(X) Programmes and Events

Notable Initiatives

• Production and telecast of Talk Show series on TV Channel titled, “Chartered Accountants: The Growth Gears”- The CMI&B produced a Talk Show and telecast the same on Zee Business TV as a serial named, “Chartered Accountants: The Growth Gears”. Each of the episodes of the Talk Show featured one prominent Chartered Accountant of great intellect and eminence, a high achiever who had through his/ her hard work and dedication, crossed several milestones and attained a high level of professional accomplishments. Such talk shows showcase the profession and motivate members to achieve greater heights. This show inspired budding professionals and new entrants of the profession. The show (having 14 Episodes) was telecast on Zee Business TV on 2^nd & 4^th
• Management Development Programmes for CA rank holders– The Committee orgainsed following MDPs for CA Rank holders:

> CMI&B organised 9^th Batch of Management Development Programme for the CA Final rank holders of May 2023 examinations to improve their managerial & leadership skills to enable them to attain good pay packages. This batch of MDP was organized from 1^st to 10^th August 2023 in association with IIM Udaipur.

> The 1^st Batch of Management Development Programme for the CA Final non-rank holders in May-2023, Nov-2022, May-2022 and Dec-2021 CA Final Exam 2022 examination was organized from 2ⁿd August to 7th August 2023 in collaboration with IIM Amritsar, in Physical mode.

> The 1^st Batch of Management Development Programme for the General Members of ICAI was organized from 11^th to 16^th December 2023 in collaboration with IIM Raipur, in Physical mode.

• Roundtable – An Interactive Meet with CFO’s- The Committee organized following CFO meets during the period:

Sl. No.	CFO Meet	Date and Venue	Theme
1	Roundtable        interactive Meet of CFOs	18th August, 2023 at Faridabad 2nd September, 2023 at Ernakulam	C-Charting, F-Future, O-Opportunities
		8th September, 2023 at Vadodara 6th October, 2023 at Bengaluru 20th October, 2023 at Coimbatore 30th November, 2023 at Pune 10th December, 2023 at Indore 20th December, 2023 at Mangaluru 29th December, 2023 at Gurugram 18th January, 2024 at Assam 23rd January, 2024 at Ahmedabad 24th January, 2024 at Surat. 27th January, 2024 at Kolkata 3rd February 2024 at Chennai
2	Interactive Meet of CFOs	19th August 2023 at Delhi	ESG  (Environmental, Social& Governance) Initiatives”
3	Interactive Meet of CFOs	19th August, 2023 at Jaipur	—
4	CFOs Meet	2nd December 2023 at Mumbai	The Evolving Role of CFOs – Rising Upward

• HR Meets- The Committee organized 3 HR Meets i.e Chartered Accountant – The Growth Drivers of Organization etc.
• Industry-specific webinar and Other programmes and seminars- The Committee organized Residential Refresher Course on Professional Opportunities in Industry & Networking, interactive meet with members in industry, Seminar for newly qualified Chartered Accountants, Conference on Role of Data Analyticsin Strategic Decision Making, Work Life Integration, Webinars on Real-Estate sector, Pharma Sector, Capital Market, Healthcare Industry, Banking Sector, Insurance Industry etc.

(XI) Report on Research Study: Performance of Industries in Various States

The Chartered Management Institute & Business (CMI&B) initiated a comprehensive research study to assess the performance of key industries across various states. The objective was to provide valuable insights into the economic landscape, identify areas of improvement, and contribute to informed decision-making. CMI&B collaborated with esteemed institutions, namely St. Xavier’s College, Kolkata; Management Development Institute, Haryana; IIM Lucknow, Uttar Pradesh; Loyola Institute of Business Administration, Tamil Nadu; Symbiosis Institute of Management, Mumbai; and Amity University, Rajasthan, to conduct this study. The research study covered key industries in multiple states, focusing on their performance, challenges, and growth potential. The states included in the study were carefully chosen to provide a representative overview of the diverse industrial landscape in India. The collaborative effort between CMI&B and renowned academic institutions aims to provide valuable inputs for policymakers, industry stakeholders, and the public.

The Committee released the study report for Uttar Pradesh, which took place on November 30, 2023. The report was unveiled by the Chief Minister of Uttar Pradesh, adding significant prestige to the occasion. The release of the study report for Uttar Pradesh marks a significant milestone in this endeavor, and the committee looks forward to continuing its efforts to contribute to informed decision-making and the overall development of industries in India.

Reports

• Exploring the Economic Landscape of Maharashtra: An analysis of Different Industries Performance-This report, shall provide the members and other stakeholders valuable insights into the economic dynamics of one of India’s most industrially vibrant state.
• A Study on the GDP of Tamil Nadu: Key Sectors to Improve GSDP and Key Areas to Focus for Revenue Augmentation- This report, marks a noteworthy milestone in enhancing the members’ and other stakeholders’ comprehension of the current industrial landscape in the State. The research encapsulated in this report strives to create enhanced opportunities, ensuring the long-term sustainability of industries in Tamil Nadu.
• A Study report on performance of various industries in the state of Rajasthan- This report is a testament to the commitment to providing the members with profound insights into the economic dynamics of Rajasthan, one of India’s significant states. This pioneering study aspires to be a dynamic resource, offering a deeper comprehension of economic trends and uncovering opportunities for sustainable growth.
• Tales of Triumph – The Stories of Successful Chartered Accountants-In this edition, the Committee delves into the stories of Chartered Accountants who have not only excelled in their professional domains but have also become ambassadors of the profession, earning accolades and laurels. Their journeys, marked by challenges and triumphs, serve as a reservoir of wisdom for those charting their course in the world of chartered accountancy.

6.15 Peer Review Board (PRB)

The Peer Review mechanism was introduced by the Council of the Institute of Chartered Accountants of India (ICAI) with the setting up of the Peer Review Board in March 2002. The Board is progressing satisfactorily since inception and is continuously providing guidance to the members to enhance the efficiency of assurance services rendered by them. The main objective of Peer Review is to ensure that in carrying out the assurance service assignment, the members of the Institute (a) comply with Technical, Professional and Ethical Standards as applicable including other regulatory requirements thereto and (b) have in place proper systems including documentation thereof, to amply demonstrate the quality of the assurance services. The Peer Review is conducted of a Practice Unit by an independent evaluator known as a Peer Reviewer.

The Peer Reviewed firms are given recognition even by the regulators as stated below: –

• SEBI, with effect from April 1, 2010, has made it mandatory for the listed entities, that limited review/statutory audit reports submitted to the concerned stock exchanges shall be given only by those auditors who have subjected themselves to peer review process and who hold a valid certificate issued by the ‘Peer Review Board’ of the Institute.
• The Comptroller and Auditor General of India (C & AG) has revised the Policy of Empanelment of CA Firms/LLPs and appointment of auditors of Companies under Section 139(5) and 139(7) of the Companies Act 2013 and of Statutory Corporations/Autonomous Bodies as per the provisions of their respective Acts. A maximum of 25 points allotted to firms which hold a Peer Review Certificate on the date of making an application for empanelment.

(I) Peer Review of Practice Units:

The Peer Review Board has considered and issued 2114 Peer Review Certificates between the period 01.04.2023­30.06.2024 which constitutes total 16950 Peer Review Certificates issued till date. Also, the Peer Review Board has considered 453 cases of AQMM Review till now having following details :

AQMM Level of Practice Units	No. of Practice Units
Level 1	3
Level 2	40
Level 3	214
Level 4	196
Total	453

(II) Deferment of phase II of the Peer Review Mandate

The second phase of the mandate was earlier applicable w.e.f April 1, 2023 for the Practice Units which propose to undertake Statutory Audit of unlisted public companies having paid-up capital of not less than rupees 500 crores or having annual turnover of not less than rupees 1000 crores or having, in aggregate, outstanding loans, debentures and deposits of not less than rupees 500 crores as on the 31^st March of immediately preceding financial year OR Practice units rendering attestation services and having 5 or more partners. Considering that some of the Practice Units which require to get themselves Peer Reviewed under the 2^nd phase of the Peer Review mandate were not ready for the same, the Council initially decided to defer the applicability of the second phase of the mandate by three months to be made effective from July 1, 2023. This was later extended up-to 31^st March 2024. Then, grace period was allowed for another 3 months. Phase II of the mandate is now effective from July 1, 2024.

(III) Deferment of phase III of the Peer Review Mandate

The third phase of the mandate was earlier applicable w.e.f April 1, 2024 for the Practice Units which have raised funds from public or banks or financial institutions of over Fifty Crores rupees during the period under review or of any body corporate including trusts which are covered under public interest entities OR Practice units rendering attestation services and having 4 or more partners. Considering that some of the Practice Units which require to get themselves Peer Reviewed under the 3^rd phase of the Peer Review mandate were not ready for the same, the Council decided to defer the applicability of the third phase of the mandate by nine months to be made effective from January 1, 2025.

(IV) Training & Empanelment of Peer Reviewers:

• Training Programme for Peer Reviewers:

The Board conducts training programmes for members to empanel them as Peer Reviewers with the Board. The training sessions guide them about the methodology of conducting Peer Reviews. During the period from April 1, 2023 till June 30, 2024, the Board has organized 105 Peer Review training programmes physically and 4 training programmes through Virtual mode.

• Online Tests for empanelment of Peer Reviewers:

Online tests for empanelment of Peer Reviewers are being conducted every alternate week for the members who have attended the training and are eligible to become Peer Reviewers. Final Assessment Tests are organized every alternate Fridays. In addition to this, Mock Tests are organized for every Final Tests on each preceding Fridays. These tests are being organised twice every Friday- one in the morning and the other in the afternoon. Accordingly, 64 Final and 64 mock tests are organised in the duration of 01.04.2023-30.06.2024. A total of 1620 members have become Peer Reviewers from 01.04.2023-30.06.2024 constituting total 3399 members empanelled with Peer Review Board till 30^th June 2024.

Region wise break-up of Number of Trained Reviewers with the Peer Review Board

Region	No. of Reviewers
WIRC	712
SIRC	428
EIRC	301
CIRC	1158
NIRC	800
Total	3399

(V) Other Initiatives :

The Board has been making continuous efforts to make the Peer Review mechanism more effective. The level of awareness created during the last 22 years has indeed brought about an overall improvement in the quality of assurance services rendered by the members. A comprehensive all-encompassing approach has been followed to create an enabling eco-system including by:

• Developing sufficient and competent resources for review;
• Improvising the quality of peer reviews; and
• Initiating steps to make increased use of technology in the peer review process so as to effectively overcome capacity constraints.

6.16 Professional Development Committee (PDC)

The Professional Development Committee was established in 1962 with a mission to enhance skill sets of the members of our Institute in the existing and new areas.

(I)  MEETINGS WITH VARIOUS REGULATORS AND OTHER OUTSIDER BODIES:

The PDC in its efforts to explore the unchartered areas for professional opportunities interact with the Government, regulatory authorities etc. requesting them to avail the expertise of the Chartered Accountants and utilize their services in various areas.

• Meeting with Special Secretary (Cooperation) & CRCS : A meeting was held with Special Secretary (Cooperation) & CRCS, Ministry of Cooperation to discuss strengthening of audit mechanism in the multi-state Cooperative Societies in line with the multi-state Cooperative (Amendment) Bill 2022 and creation of a panel of auditors for audit of such Societies.
• Meeting with CGM Incharge and CGM, RBI : A meeting was held with CGM Incharge, RBI and CGM, Department of Supervision on 3^rd August, 2023 in Mumbai to discuss matters of professional interest including Audit Quality parameters. During the meeting RBI was apprised of various activities undertaken by ICAI including various meetings held with SCAs, Independent Directors, CFOs etc. alongwith RBI. Alongwith the above discussion, a meeting with General Manager, Audit Relationship Group, RBI was held to discuss various aspects of Bank Branch Auditors Panel.
• Meeting with CGM and CGM, Institutional Development Department, NABARD : A meeting was held on 3^rd August, 2023 in Mumbai with CGM and CGM, Institutional Development Department, NABARD alongwith Senior officers of NABARD to discuss matters of professional interest including Auditors Panel for Cooperative Banks, RRBs, development of ERP for “Primary Agricultural Credit Societies” (PACS) and enhancement of fees for auditors of RRBs.
• Meeting with IAS, Director, Department of Financial Services, Ministry of Finance : A meeting was held on   31^st August, 2023 with IAS, Director, Department of Financial Services, Ministry of Finance, Govt. of India to discuss opportunities in Cooperative Banks, Regional Rural Banks and NABARD to discuss the matter regarding revision of Audit fees for Statutory Auditors of Regional Rural Banks (RRBs).
• Empanelment of Chartered Accountants firms by SFIO : An open house meeting was held in the office of SFIO on 4^th October, 2023 to discuss the proposal for empanelment of CA Firms/Corporates in Forensic Audit/analysis for assisting the investigation team of SFIO with the active involvement of a Central Council Member. During the meeting, the SFIO placed a proposal for empanelling the Corporates/ Companies/ and Other LLPs having relevant experience in the field of forensic audit along with CA firms. In response, the PDC had put forth the significance of the well-established and laid down disciplinary mechanism of the Institute which governs the Chartered Accountants. Further, the PDC has also shared the norms of the O/o C&AG and RBI. The office of SFIO has issued a notice for empanelment of Chartered Accountants firms wherein they recognised only Chartered Accountants firms for empanelment and for conducting various assignments related to SFIO and they have also mentioned that while fixing the quantum of fees for an assignment, guidelines issued by ICAI from time to time, will be broadly followed on a case-to-case basis.
• Meeting with General Manager, RBI : A meeting was held with General Manager, RBI on 10^th November, 2023 at Mumbai to discuss about various concerns that were expressed by the members about the eligibility of continuing auditors for the bank audit as per the revised norms of RBI dated 6^th March 2023.
• Meeting with RBI to understand the difference in practices adopted by Statutory Auditors while passing of Memorandum of Changes (MoCs) : RBI informed ICAI that it has undertaken a study to understand the difference in practices adopted by Statutory Auditors while passing of Memorandum of Changes (MoCs) in Public Sector Banks and Private Sector Banks. In this regard, a virtual meeting was held with the RBI on 10^th January 2024 wherein General Manager, Department of Supervision and General Manager, Audit Relation Group along with their team members shared some key points on differences in practices adopted by Statutory Auditors while passing of Memorandum of Changes (MoCs) in Public Sector Banks and Private Sector Banks.
• Meeting with NABARD : A meeting was held with CGM, NABARD, GM, DGM and AGM at NABARD, Mumbai on 16.04.2024.        Various issues were discussed pertaining to audit to RRBs and Co-operative Audits.
• Meeting with Department of Posts (DoP) : To explore professional opportunities for Chartered accountants in auditing post offices, a meeting was held on April 24, 2024, with Director of Audit and Legal at the Department of Posts (DoP). Various matters concerning the accounting and auditing systems at the DoP were discussed, including transition from a cash accounting system to an accrual-based accounting system.
• Meeting held with Department of Financial Services, Ministry of Finance : A meeting was held with Additional Services, Department of Financial Services, Ministry of Finance, New Delhi, on 7^th May, 2024. During the meeting, matter related to the revision of audit fees for statutory auditors of Regional Rural Banks (RRBs) was discussed, and the proposal for an upward revision of the fees for RRBs was submitted under the signatures of President, ICAI.
• Meeting with Senior Advisor, Niti Aayog : A meeting was held with Senior Advisor, Niti Aayog, New Delhi on 7^th May, 2024. During the meeting, discussions were held on the collaboration between ICAI and NITI Aayog WEP for empowering women entrepreneurs. In this regard, deliberations were made on materializing the MOU between WEP and ICAI. Every month, NITI Aayog conducts the AskWEP series on various topics to provide knowledge to women entrepreneurs. For the sessions to be held, the ICAI as a knowledge partner, is supporting the event by sharing the program structure and providing speakers/ moderator for the relevant topics.
• Meeting with Audit Relation Group, RBI : A meeting was held with the Audit Relation Group of the RBI on 3rd June, 2024 at Mumbai to discuss various issues concerning the audit profession in the banking industry.
• State Level Coordination Committee (SLCC) meetings held during the year : During the year more than 48 SLCC meetings were held by RBI all across India which were attended by the representatives of ICAI.

(II) ACHIEVEMENTS:

• Proposal submitted to RBI for establishing institution arrangement on Information System’s (IS) audit

The RBI informed that there is a need for establishing an institutional set-up (something similar to the ICAI), which is for Chartered Accountants (CAs) to carry out financial audits. This new set-up should be able to create a pool of professionals (CAs and non-CAs) as IS auditors by conducting rigorous examinations. In addition, it may also be ensured that these professionals are up to date with the latest technologies and methodologies. Accordingly, a proposal was submitted to RBI.

• Draft parameters for eligibility criteria for Statutory Audit and Concurrent Audit of the multi-state Cooperative

A meeting was held with Special Secretary (Cooperation) & CRCS, Ministry of Cooperation to discuss strengthening of audit mechanism in the multi-state Cooperative Societies in line with the multi-state Cooperative (Amendment) Bill 2022 and creation of a panel of auditors for audit of such Societies. Accordingly, the draft parameters for eligibility criteria for Statutory Audit and Concurrent Audit of the multi­state Cooperative (both Credit and non-credit) entities were prepared on the lines as done for RBI with appropriate modifications and submitted to Special Secretary, Ministry of Cooperation.

• SOI entered between NITI Aayog and ICAI

NITI Aayog and PDC has entered into a Statement of Intent (SOI) on 3^rd October, 2023 in Goa in the presence of Hon’ble Chief Minister, Government of Goa and CEO, Niti Aayog, , Senior Advisor, Niti Aayog, the then Chairman and Vice-Chairman, PDC. The collaboration intends to disseminate appropriate knowledge to support women entrepreneurs through various agreed upon means.

• MoU with IIM Ahmedabad

PDC signed MoU with IIM Ahmedabad on 23^rd October, 2023 to provide specialized courses for Chartered Accountants to upskill their knowledge.

(III) Revision of PD Publications:

• Professional Opportunities for Chartered Accountants in Insurance Sector
• Professional Opportunities for Chartered Accountants in Risk Management

(IV) Submission of Panel to Various Authorities:

The Panel of Chartered Accountants/Firms is provided to various authorities/agencies. Details of submissions made is given below:

Sl. No.	Date of submission of Panel	Authorities/Agencies
1	13th April, 2023	Chief Executive Officer, Supervision & Audit Committee, Co-op Dept., Gujarat State, Ahmedabad
2	2nd May, 2023.	Registrar, Gujarat Technological, University, Gandhinagar Highway, Chandkheda, Ahmedabad
3	26th May, 2023	The Punjab State Cooperative Bank Ltd, Chandigarh
4	31st May, 2023.	The Dy. General Manager, Indian Bank, Chennai
5	6th June, 2023	Director (Administration), The Institution of Engineers (India), 8 Gokhale Road, Kolkata
6	15th June, 2023	Deputy General Manager – Division 2, SEC Vertical – Investment Management  Department,  Securities and Exchange Board of India, Mumbai
7	23rd June, 2023	Deputy Secretary to Govt. of India, Ministry of Skill Development and Entrepreneurship (MSDE), (National Skill Development Fund), New Delhi
8	6th July 2023	Joint Director, Directorate of Local Fund Audit, Treasury & Accounts Bhawan, Unit-III, Bhubaneswar
9	20th July 2023	Central Bureau of Investigation, Anti-Corruption Branch, Chennai on 20th July 2023 Panel submitted to Head of Branch, Central
10	20th July, 2023	Head of Branch, Central Bureau of Investigation, Anti-Corruption Branch, Chennai
11	24th August, 2023	Senior Manager, Inspection & Audit Department, Tamil Nadu Grama Bank, Head Office – Salem
12	17th November, 2023	Superintendent of Police, Central Bureau of Investigation, North Range, Directorate of Vigilance and Anti-Corruption, Chennai panel of Tamil Nadu based III & IV Chartered Accountants/ Firms
13	23rd November, 2023	Director- CII & Head- NFCG, National Foundation for Corporate Governance (NFCG) panel of Delhi based Proprietary Concern with 1 Paid Chartered Accountant
14	14th February, 2024	Chief Manager – Investment Department, United India Insurance Company Limited, Chennai
15	16th February, 2024	General Manager, The Andhra Pradesh State, Co-operative Bank Ltd, Vijayawada
16	1st March, 2024	Manager (Finance), India Trade Promotion Organisation, New Delhi
17	6th March, 2024	Internal Audit Division, “NSIC Bhawan” Okhla Industrial Estate, New Delhi
18	7th March, 2024	Assistant Registrar, Cooperatives Societies, Jammu and Kashmir
19	4th April, 2024	Assistant General Manager  (Finance),  National Safai Karamcharis Finance & Development Corporation, Delhi
20	18th April, 2024	Legal Section of ICAI for onward submission to National Company Law Tribunal, Kolkata.
21	21st May, 2024	Chief General Manager, NABARD, Mumbai of All India (state-wise) audit firms for conduct of Statutory Audit of State Cooperative Banks (StCBs) and Central Co-operative Banks (CCBs) for FY 2023-24
22	4th June, 2024	Assistant General Manager, Indian Overseas Bank
23	6th June, 2024	The Deputy Director, (NT/IT and Administration), The Institution of Engineers (India)

(V) OTHER ACTIVITIES:

• Various Programmes/Meets:

> Residential Programme on Professional Opportunities in Insurance Sector: PDC organized its first Residential Programme with the Centre of Excellence from 3^rd to 5^th November, 2023 wherein Member was the chief guest and addressed the participants. Various topics like “Overview of Life Insurance and role of Chartered Accountants, Changes in investments Regulations in the Insurance Sector in last 2 decades, Regulator mandated audits of investments arena in Insurance Industry, Cyber Security Threats Assessments and mitigating measures by the regulators and Statutory Audit and Compliances in Life and Non- Life Insurance along with Professional Opportunities in Insurance Sector” were also addressed by the renowned faculties. 55 members attended the programme.

> Central Statutory Auditors Meet : An Interactive meet for Statutory Central Auditors of Banks was organised by the Professional Development Committee on 18^th March 2024, Mumbai. Executive Director of the Reserve Bank of India, graced the occasion as the Chief Guest. During his Keynote Address; he shared insights of RBI and provided guidance on enhancing overall audit quality. A special session was taken up by General Manager, Department of Supervision, Reserve Bank of India on the “RBI’s perspective and Expectations from the Statutory Central Auditors.” The meeting was held in Hybrid mode and more than 150 Central Statutory Auditors from Public Sector Banks, Private Sector Banks, Small Finance Banks, and Foreign Banks participated in the meeting.

> An Interactive Meet themed as “Celebrating ICAI’s 75 years Legacy with Indian Banking Sector – Pioneering the path for Amrit Kaal”: An interactive meet with CA Directors, Audit Committee Chairmen, and CFOs of the banking sector was held on 19^th June 2024 in Mumbai. Director of the Central Board, Reserve Bank of India, was the Chief Guest for the occasion. The meet was attended by more than 40 delegates in person.

• Diploma and Certificate Courses organised/to be organised by the Committee :

> Certificate Course on Project Financing : The Council at its 428^th meeting held on 7^th and 8^th February 2024 approved the Certificate Course on Project Financing.

> DIRM Course: The Committee administers a Post Qualification Course on Diploma in Insurance and Risk Management (DIRM). The DIRM Course has three phases which a candidate has to undergo to become eligible for the award of Diploma in Insurance & Risk Management:

∴ First Phase: Self-study and completion of eligibility test papers,

∴ Second Phase: Qualifying the technical examinations conducted by the Examination Section and

∴ Last phase (mandatory): Attending Orientation Programme of 2 days which provides an opportunity to the members for interaction and meaningful discussions with the speakers, thereby reinforcing the theoretical knowledge with learning from real life experiences.

• The statistics of registrations in DIRM is given herein below:

Registrations till date	Qualified till date	Members who had passed the Technical Examinations but yet to  undergo the Orientation Programme	Eligibility Certificate issued but Technical Examination yet to be passed	Eligibility test not passed
5556	1043	78	3041	2515

• Out of 5556 registered members, 1043 members have qualified the Course, another 78 members have passed the Technical Examination but yet to undergo the Orientation Programme.
• The Committee had conducted an online Eligibility Test for members pursuing Post Qualification Course on 15^th March, 19^th April, 24^th May and 28^th June, 2024. Eligibility Certificates have been issued to members who had passed online ‘Eligibility test’. These members have now become eligible to appear in the Technical Examination to be held in November 2024 and onwards.
• Seminars/Conferences/Workshops/Webinars:

The Committee organised 54 National Conference/Workshops/Seminars during the period. The Committee has commenced a series of webinars under the heading PDC’s DNA-Discover New Avenues.

6.17 Committee on Public and Government Financial Management (CP&GFM)

The ICAI keeping its mission and vision in mind constituted the Committee on Public & Government Financial Management (CPGFM) that strives to assist Central & State Governments and Local Bodies in improving accounting, financial reporting and management in all tiers of Government in India including local bodies. Apart from formulating Accounting Standards for Local Bodies (ASLBs), the Committee focuses on capacity building of the finance officials of various tiers of Government by several means such as Training Programmes, Webinars, e-learning modules, etc. The Committee also runs Certificate Course on Public Finance & Government Accounting that can be attended by officials of Government & Autonomous bodies working under administrative control of the Ministry and Government department as well. Apart from this, CPGFM is contributing in development of study material of the Certificate Course for Accountants of Panchayats and Municipal Bodies (joint initiative of ICAI and C&AG) being run through Board for Local Bodies Accountants Certification (BLoAC) established under ICAI-ARF. This is an initiative of ICAI to meet its social obligations by providing professional services of CAs beyond corporate sector and to the public at large, by being true to its role of being a partner in nation building.

(I) Support to the Government

• The Committee is providing technical assistance to O/o C&AG for their project of adaption of Cash basis International Public Sector Accounting Standard (IPSAS) in Government Accounts on pro-bono basis. However, the project was kept on hold by the O/o C&AG.
• The Committee is also providing support to MoHUA to enhance the quality of Financial Statements of Urban Local Bodies being uploaded on City Finance Portal on a sustainable basis. The work is in progress and first pg=hase check list has already been submitted to MoHUA.
• Support being provided to O/o CAG for Certificate Courses for Accountants of Panchayats and Municipal Bodies:

> These courses are being run through Board for Local Bodies Accountants Certification (BLoAC) established under the aegis of the ICAI Accounting Research Foundation (ICAI ARF).

> CPGFM is contributing to development of study material and co-ordination with O/o CAG. The registrations of these skill development courses have been initiated from 1^st December 2023 through a dedicated website (https://lba.icaiarf.org.in/) at nominal registration fees of Rs. 590/- (inclusive of GST) for class XIIth passed students from any stream.

> The mode of learning is online and accessible in 11 languages (Hindi, English, Marathi, Tamil, Odiya, Gujarati, Punjabi, Bengali, Kannada, Telugu and Assamese).

> The exams are being conducted offline in regional languages using ICAI’s robust examination system.

> The list of qualified candidates will be made available in public domain.

1st screening examination held on 18^th April 2024, with the support of ICAI’s Exam Department wherein 232 candidates passed (out of 364 (appeared)). Approx. 64.17% candidates passed Panchayat Course and 62.9% passed Municipal Bodies Course. 609 candidates registered for 1^st batch till 29^th February 2024 and 1138 candidates registered for 2^nd batch till 30^th June 2024.

(II) Representations/Technical Inputs to Government

Representations were submitted to:

• Hon’ble Union Minister, Ministry of Development of North-Eastern Region proposing to enter into a MoU for skill development of Accounts/Finance officials of Government of North-East region of India.
• Principal Secretary to the Government of Assam, Finance Department to enter into a MoU for skill development of officials of Finance Department of Assam.
• State Finance Departments to enter into a MoU for skill development of their finance officials on accounting, auditing, taxation and related topics.
• Indore Municipal Corporation to undertake Pilot Study to evaluate the benefits of implementation of Accounting Standards for Local Bodies.
• The Principal, Northern Zonal Accountancy Training Institute, Jammu to organise training programme for Government officials.
• The Director, Urban Development Department, Nagaland to support ULBs of Nagaland.
• Special Secretary, UA&DD, Chhattisgarh to organise capacity building programme for the officials of ULBs of Chhattisgarh.
• Commissioner and Secretary (Rural Development), Gujarat to build capacity of staff of Rural Local Bodies of the State of Gujarat.
• Development Commissioner, Panchayat Department, Gujarat to handhold accounting reforms in Rural Local Bodies (RLBs) of Gujarat.
• Senior Financial Management Specialist, Portfolio, Results, and Quality Control Unit, South Asia Department, Asian Development Bank (ADB) to enter into a MoU.
• Additional Chief Secretary, Finance Department, Bhopal, Madhya Pradesh to enter into a MoU for skill development of officials of Finance Department of Madhya Pradesh.
• Chairman, 16^th Central Finance Commission, Suggested recommendations for Financial self-sustainability of Urban Local Bodies through Accrual Accounting Reform
• Principal Secretary/Secretary of Urban Development Department, Panchayati Raj & Rural Department and Finance Department for seeking their support to popularize the Certificate course for Accountants of Panchayats and Municipal Bodies.
• Director of State Finance Departments to enter into MoU for skill development of staff of Finance Departments of respective States.
• Accounting Training Institutes of Government that provides trainings to staff of Urban Local Bodies (ULBs) to jointly organise trainings for ULBs (including proposal to enter into MoU).

> Signing of Agreement with PMU-UKPFMS (Project Management Unit – Uttarakhand Public Financial Management Strengthening Project)

An agreement was signed with Project Management Unit – Uttarakhand Project Financial Management Strengthening Project (PMU-UKPFMS) on 7^th July 2023 to impart trainings to approx. 200 staff of Urban Local Bodies (ULBs) of Uttarakhand on the topic “Accrual Based Double Entry Accounting System and Uttarakhand Municipal Accounting Manual, 2021”.

> Signing of Memorandum of Understanding between ICAI and Office of the Comptroller & Auditor General (C&AG) of India

A MoU was entered with the O/o C&AG of India on 9^th August 2023, the Hon’ble C&AG of India, in the presence of Hon’ble President, ICAI, Chairperson, CPGFM and Vice-Chairperson, CPGFM and launched the Certificate Course for Accountants of Panchayats and Municipal Bodies on Audit Diwas (i.e. 16^th November 2023) to create a pool of trained accounting personnel at grassroots level in India.

(III) Technical Comments Submitted:

On the following drafts of International Public Sector Accounting Standards Board (IPSASB):

• Exposure Draft 84, Concessionary Leases and Right-of-Use Assets In-kind (Amendments to IPSAS 43 and IPSAS 23);
• Exposure Draft 85, Improvements to IPSAS 23;
• Exposure Draft 86, Proposed International Public Sector Accounting Standard on Exploration for and Evaluation of Mineral Resources;
• Exposure Draft 87, Proposed International Sector Accounting Standard on Stripping Costs in the Production Phase of a Surface Mine (Amendments to IPSAS 12);
• Exposure Draft 88, Proposed International Public Sector Accounting Standard on Arrangements Conveying Rights over Assets (Amendments to IPSAS 47 & IPSAS 48);
• Exposure Draft 89, ‘Amendments to Consider IFRIC Interpretations’; and
• Consultation on Strategy and Work Program, 2024-2028 On the following GASAB documents / draft Standards:
• Modified IGAS 2 on ‘Accounting and Classification of Grants-in-Aid’
• Prior Period Adjustments
• Draft Standards on Reserve Funds
• Revised comments on the draft ‘Due Process’
• Strategic Development Plan (SDP) of GASAB for 2023-26
• Guidance Note on Accounting of Fixed Assets
• Draft IGAS 10 on ‘Public Debts and Other Liabilities of Government: Disclosure Requirements’

(IV) Training Programmes:

The Committee organised the 4 training programmes for Urban Local Bodies and 8 other Training Programmmes, on Financial Transparency & Accountability in Urban Local Bodies, Accrual based Double Entry Accrual System and Uttarakhand Municipal Accounting Manual (UMAM), 2021, Implementation of Double Entry Accounting System, Accounting of Rural Development Schemes, Capacity Building Programme on GST & Income Tax, Improving the Municipal Finances Framework in Punjab etc.

(V) Webinars/ Virtual CPE Meeting (VCM):

18 Webinars/VCMs were organised by the Committee on Insights of Public Finance, Accounting & Auditing in PRIs, Introduction to Cash basis IPSAS: Path towards accounting reforms, Self-Sufficient and Self-Sustainable Municipal Bodies in India, Impact of Global Financial crises on Public Financial Management System, Strengthening Accounting at Local Self-Government, Role of Internal Controls in Enhancing Transparency & Accountability in Government, Financial Reporting and Tax Compliance for ULBs etc.

(VI) Certificate Course on Public Finance & Government Accounting

• Opened for Officials of Autonomous bodies: On the request of various Government Departments, Certificate Course has been opened for the officials of autonomous bodies under the administrative control of a the Ministry and Government Department as well apart from the ICAI members & Government officials.
• Online Batches

The following batches of the Certificate Course on Public Finance & Government Accounting were organised during the period 1^st April 2023 to 30^th June 2024:

SI. No.	Batch	Dates
1.	25th batch	21st May 2023 to 16th July, 2023
2.	26th batch	6th August 2023 to 30th September, 2023
3.	27th batch	3rd December 2023 to 27th January 2024
4.	28th batch	4th February 2024 to 30th March 2024
5.	29th batch	28th April 2024 to 22nd June 2024
6.	30th batch	Commenced from 30th June 2024

• Online Examination

The following four online examinations of the Certificate Course were conducted:

SI. No.	Examination	Date	Members cleared/ Members appeared
1.	17th	27th May, 2023	119 members cleared out of 125
2.	18th	30th September 2023	73 members cleared out of 73
3.	19th	27th January 2024	102 members cleared out of 106
4.	20th	30th March, 2024	65 members cleared out of 70

(VII) Meetings held with various Stakeholders:

SI. No.	Name of the Dignitaries	Date
1.	Director General, O/o C&AG	21st April 2023
2.	Joint Secretary & Financial Advisor, MoHUA	28th April, 2023
3.	IAS, Principal Secretary, Urban Development & Housing Department, Government of Madhya Pradesh	1st May, 2023
4.	IAS, Deputy Secretary and Director, Local Fund Audit, Government of Madhya Pradesh	1st May, 2023
5.	IRS, PS to Minister of Development of North Eastern Region	8th May, 2023
6.	Commissioner & Secretary, Finance,      Land Resources, Government of Nagaland	23rd May, 2023
7.	IAS, Special Secretary, UA & DD, Chhattisgarh	11th July 2023
8.	IAS, Development Commissioner, Panchayati Raj Department, Gujarat	31st July 2023
9.	IAS, Commissioner & Secretary, Rural Development, Gujarat	31st July 2023
10.	IAS, Secretary, Economic Affairs,    Finance Department, Gujarat	31st July 2023
11.	Deputy C&AG (Railways & Local Bodies)	15th September, 2023
12.	Regional Controller, United States Agency for International Development (US-AID) along with his team	22nd September, 2023, 19th December 2023 and 11th January 2024
13.	CEO, Janagraha and his team	26th September 2023
14.	Senior Financial Management Specialist, Asian Development Bank along with her team	22nd November 2023
15.	Addl. Chief Secretary, Finance Department, Madhya Pradesh	9th January 2024
16.	Joint Secretary, Rural Skills, Ministry of Rural Development	15th January 2024
17.	Officials of Asian Development Bank (ADB) and World Bank	30th January 2024
18.	Local Fund Auditor, Punjab	26th March 2024

(VIII) Other Initiatives

Articles for Journal:

• Appreciating the role played by Public Finance in shaping the economic contours of the Country, the May 2023 issue of ICAI Journal comprised of articles that concentrated on various aspects of Public Finance. Apart from known experts in the field of Public Finance and Government Accounting, the issue also received contribution from Government officials of States Urban Development Agencies of Jharkhand and Chhattisgarh who shared their experience journey of accounting reforms.
• April 2024 issue of ICAI Journal focused on the theme Public Finance (accordingly was titled as “Transforming Public Finance for a sustainable tomorrow”). This issue underscored the pivotal role that public finance and government accounting reforms play in shaping the economic landscape of a nation. It showcased a comprehensive array of articles delving into various facets of public finance and government accounting reforms, authored by distinguished experts in the field. These articles provide valuable insights in Government accounting reforms including innovative approaches to reform & how ICAI is driving these reforms, climate budgeting, finances & accountability of panchayats, audit of local bodies reflecting a collaborative effort to enhance the effectiveness and transparency of public financial management system.

(IX) Short Videos

The Committee has release Short videos on following topics:

• Opportunities for Chartered Accountants in Local Bodies
• Applicability of Accounting Standards in Local Bodies
• Overview of Government Accounting
• Municipal Bonds for an Aatmnirbhar Urban India

(X) Publications released

• Compendium of Accounting Standards for Local Bodies – Vol. III (February 8, 2024)
• Research Study on “How Municipal Financial Data can be used for Decision Making” jointly by ICAI (CP&GFM) and ICAI ARF with NITI Aayog (February 8, 2024)
• Screening Examination Study material for Certificate Course for Accountants of Panchayat and Municipal Bodies in English & Hindi (February 8, 2024)

6.18 Public Relations Committee (PRC)

The mission of the Public Relations Committee is to develop, strengthen and enhance the image of the ICAI as a premier accountancy body and the sole regulatory authority for the profession of Chartered Accountancy in India through various ways and means, as considered appropriate within the framework of the CA Act. The PR Committee further endeavors to foster good relationship with Media and other Stakeholders in coordination with various committees of ICAI to provide better networking opportunities and to enhance the visibility of ICAI.

Significant Initatives/Achievements

(I) Unveiling of New CA India Logo

As the Institute celebrated its 75^th year, it was decided that this was the appropriate time to revamp the CA logo and to use it for institutional purposes across all international and national platforms. The logo consists of the letters ‘CA’ in blue with a tricolour tick mark (upside down) on a white background. The blue colour denotes creativity, innovativeness, knowledge, integrity, trust, truth, stability, and depth. The upside-down tick mark in tricolour, typically used by Chartered Accountants during audits, has been included to symbolise the wisdom and value of the professionals. ‘India’ is added to the logo, which epitomizes the Institute’s commitment to the India First approach and commitment to serve the Indian economy in public interest. The New CA India logo will help create international recognition and give a distinct identity to Indian Chartered Accountants on a global platform.

The logo was launched during the Global Professional Accountants Convention (GloPAC) event held in Gandhinagar, Gujarat by the august hands of Hon’ble Chief Guest, Hon’ble Vice-President of India, in the presence of Hon’ble Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles as the Guest of Honour and Hon’ble Minister of State for Parliamentary Affairs, Primary, Secondary and Adult Education, Higher Education, Govt. of Gujarat and President, International Federation of Accountants (IFAC). To ensure the publicity of the logo, the guideline for its usage were framed and circulated to all RCs and Branches. Further, CA India lapel pins were designed, developed and distributed to all Office bearers of RCs & Branches. The logo is being used in all marketing collaterals, stationary items in order to position and create a visual identity of the new logo.

(II) Chartered Accountants Day 2023

To enhance the visibility of CA Day 2023, a comprehensive strategy for publicity was implemented across various print and electronic media platforms. For publicity, the following activities were undertaken:

• Print Media: To mark the CA Day and the significance of the July 1^st an advt. on July 1^st was published in few financial/ mainline publications.
• Electronic Media: CA Day was also publicized by airing promos on various Business/News Channels. The excerpts of the CA Day celebration was captured and later played on Zee Business as a half-an hour episode.
• Goodwill Messages: Draft letters inviting goodwill messages from dignitaries was prepared by PRC, the committee also followed up with Ministries for goodwill messages that was published in the special issue of ICAI Journal i.e. July, 2023 issue.
• Video messages of President and Vice-President – The messages of the President & Vice-President were recorded and the video clip was shared on Social media Platforms and with RCs and Branches. The same was also played during the CA Day function.
• Preparation of Marketing Collaterals – Creatives for Advt. and Social Media, Standees at the event – The content i.e. achievements of ICAI during 75 years of sagacious journey was drafted by the PRC and the standees were developed and displayed during the CA Day Function.

(III) Global Professional Accountants Convention (GloPAC) – Publicity & Promotion For publicity & promotion of GloPAC, following activities were undertaken by the Committee:

• A pre-event Press Conference was organised in Ahmedabad Branch to share information/ details about and invite media for the GloPAC event. The information shared during the Press Conference was widely covered by the media.
• Print Advertisements – Half & Full page advt.s were published on 24^th November 2023 in major National /Vernacular Publications/ editions.
• Campaign on Electronic Media – Radio campaign promoting GloPAC was aired across all leading FM Stations. Promos & L Bands were developed and aired on Aaj Tak
• Magazine advt.- was also published in India Today Magazine
• Press Releases of Inaugural & Concluding Day were issued to media on 24^th & 26^th November, 2023. The news was widely covered by the media.
• The event was also popularised on social media through hosting various creatives, photographs and live tweets.
• Uniform Nomenclature- Naming Format for ICAI Branches and Regional Councils

For uniformity and Standardisation of naming for Regional Councils & Branches, the PR Committee proposed nomenclature for displaying the name of ICAI on its Buildings, Letters Heads and visiting Cards for the Regional Councils and Branches of ICAI. The same was circulated to all the Regional Councils and Branches for all branding purposes.

(V) Media Residential Meet at Agra

To enhance its brand image of ICAI and strengthen relationships with the media, the Public Relations Committee organized a one-day Residential Meet for media professionals in Agra on June 4, 2023. The event aimed to inform the media about various key issues addressed by the Institute and to emphasize ICAI’s role as a Partner-in-Nation Building and its contributions to economic growth. The Media Residential Meet was highly successful, attracting nearly nineteen prominent media persons from leading national media groups across print, electronic, and online platforms. Several local media representatives also attended, ensuring extensive coverage of the event and the important topics discussed.

(VI) Activities promoting Prime Partnership of ICAI with Confederation of Indian Industry (CII) for B20

ICAI had become a prime partner with CII for B20, positioning itself as a leader in auditing, sustainability reporting standards, and digital accountancy for the advancement of accountancy profession and economy in the country. Through this partnership, ICAI was a part of the ESG Action Council and was involved in various policy-making initiatives of B20. During the CII events, various representatives of ICAI attended the events/ Summits/ Conferences and gave insights on various important matters. Branding opportunities were provided to ICAI in their publicity material.

(VII) ICAI celebrated 9^th International Day of Yoga – 21^st June 2023

As a steadfast Partner in Nation Building, ICAI has been celebrating the International Day of Yoga (IDY) since 2015, encouraging its members and students to incorporate yoga into their daily lives. ICAI celebrated 9th International Day of Yoga on 21^st June, 2023, across all Regional Councils and Branches. As per past practices, comprehensive communication, guidelines, and promotional materials were shared with all Regional Councils and Branches for celebrating and promoting the International Yoga Day. A special Yoga Day message was also recorded and distributed to all members. In New Delhi, a prominent yoga session was held at the Indira Gandhi Stadium in collaboration with the Northern India Regional Council (NIRC). Esteemed Yoga Gurus led the session, addressing over 350 participants in person, while the event was webcast live, reaching audiences across the country.

(VIII) Lapel Pins – Management Committee Members of RCs & Branches

Uniform branding is of the utmost importance to create a unique identity, gain a competitive advantage, and create a positive impression in the minds of all stakeholders. Accordingly, uniform lapel pins have been designed and developed by PR Committee and distributed to the ‘Management Committee Members’ of all Regional Councils and Branches.

(IX) Sustainable World Conclave organised by BW Business World

ICAI, being a pioneer institute for promoting Sustainability Reporting in India, has been associated as a knowledge partner for the 3rd edition of the Sustainable World Conclave organised by BW Business World. The two-day event took place on 20^th & 21^st June 2023 at New Delhi. The conclave witnessed the confluence of experts, industry leaders, policymakers, and activists from across the country to discuss the theme of “India’s big leap with the G20 presidency”. Hon’ble Union Cabinet Minister, Environment, Forest & Climate Change, Labour & Employment, Govt. of India was the Chief Guest of the Plenary Sessions on June 20, 2023. Taking forward ICAI initiatives towards achieving sustainable development, Chairman PR Committee and Vice-Chairman, Sustainability Reporting Standards Board (SRSB) addressed a key session on “ICAI: Building Trust Enabling Sustainability”.

(X) Media Partnership with ET Prime for “ESG Conclave -India at Centre stage”

ICAI organized the “ESG Conclave – India at Centre Stage” on July 8, 2023, in Mumbai, with ET Prime as the Media Partner for publicity and promotion. Through this collaboration, ICAI benefited from extensive media coverage, including pre-event promotion on ET Prime, an editorial write-up on ICAI’s sustainability initiatives, and interview stories featuring the event’s speakers that highlighted ICAI’s contribution towards Sustainability. Additionally, ET Prime supported the event through social media posts and re-tweets on its platforms. This media partnership not only ensured broad visibility for the Conclave but also helped ICAI build a strong, long-term relationship with ET Prime, an online detailed business platform of The Economic Times.

(XI) Developed a New ICAI Corporate Film (2023-24)

Recognizing the need to update the decade-old ICAI Corporate Film in terms of visuals, content and script, the PR Committee undertook the task of developing a New Corporate Film of ICAI. Following a thorough tendering process, an agency was selected for the project. The script was worked up in coordination with the vendor and production of the New ICAI Corporate Film was done. The same was played during various events of ICAI.

(XII) Year Book: 2023-24

Every year, the important activities undertaken by ICAI through its Committees / Departments / Regions & Branches during the year are documented in the publication “Year Book”. Following the past practice, “Year Book : 2023­24” was brought out by PR Committee, a compilation of all major activities, initiatives and achievements of various Committees/Departments in addition to the activities undertaken by Regional Councils & Branches of ICAI during the year.

(XIII) India Today- Coffee Table Book (2023-24)

Every year The India Today group brings out a special Coffee Table Book (CTB) which is distributed to A-listers, Conclave invitees over the years and other eminent stakeholders. The copies of this Coffee Table book would also be placed at the Airport lounges & leading book stores. Towards brand building of the Institute and to target industry/media and stakeholders a double spread advertorial promoting ICAI was published in this edition.

(XIV) Publicity of 74^th ICAI Annual Function

• Print Media– 74^th ICAI Annual Function was publicized by PR Committee through Print media by publishing a half-page color advt. in major publications.
• Audio Visual on Significant Achievements of ICAI– The AV covering significant achievements of ICAI during the year 2023-24 was conceptualized and developed by the PR Committee. The same was played during the ICAI Annual Function.

(XV) Webinar on Awareness Program on Prevention of Heart Diseases & Stress Management

With an objective of creating a healthier society through improved preventive measures, the Committee has organized a mega-free virtual nationwide Webinar on “Awareness Program on Prevention of Heart Diseases & Stress Management” by a world-renowned cardiovascular and cardiothoracic surgeon, who has been awarded the highly prestigious Padma Bhushan and the Padma Shri by the Government of India. He gave insights and demonstrated the pre-emptive steps to prevent heart disease/stroke, emergency assistance, and Cardio-Pulmonary Resuscitation (CPR), and stress management. The webinar was attended by more than 1500 participants.

(XVII) Budget -2024 Activities

Broadcast of L-Bands on Aaj Tak (Hindi) News Channel– Towards brand building, the ICAI L-Bands capturing ICAI contributions, were broadcasted on the major Hindi News channel-Aaj Tak during the live speech of Honourable Finance Minister on the Budget Day. This helped ICAI Communication to reach out to a diverse demographic and region amplifying the visibility of the brand ICAI and Profession to the general masses.

(XVIII) Election of New Torchbearers – 12^th February 2024

During the election of the new Torchbearers held on 12^th February 2024, the Public Relations Committee publicized the event amongst members, stakeholders and public at large.

• Publicity through social media– The election results and oath taking ceremony was posted on all social media platforms in real-time, this resulted in increased reach and views on ICAI social media platforms – Facebook, WhatsApp, Instagram, Telegram, Twitter, Thread, YouTube etc. Real time social media posts involving photographs and short videos of the ceremony were also posted throughout the ceremony.
• A Press Release of newly elected President & Vice-President, ICAI was issued to all media which was covered in more than 55 print and online publications like Hindustan Time, Financial Express, The Hindu Business Line, Dainik Jagaran, Business Standard, ETCFO, NDTV Profit and many more. The Release was also circulated to all RCs and Branches for wider dissemination.
• Creative Banners for social media and Mass SMS for intimation to all India Members were also done.
• Theme based collaterals designs (backdrop/ standees) for the Oath Taking Ceremony was also developed by the committee.

(XIX) First Press Conference of the Year – 21^st February 2024

The Public Relations Committee arranged a Media interaction of the newly elected President & Vice President on February 21, 2024 at ICAI Head Office, Delhi. Media professionals from over 30 eminent publications like The Economic Times, Financial Express, The Hindu Business Line, Mint, Indian Express, Fortune, PTI, Dainik Jagran, Dainik Bhaskar, Hindustan, NBT, CNBC TV 18, Aajtak, Zee Business and many other Print / Electronic / Digital media attended the Press Conference. The information shared by the President during the interaction was widely covered in more than 100 publications/online portals & Tv channels.

(XX) Publicity & Promotion of All India Managing Committee Members Meet (AIMCMM 2024) March 9 & 10, 2024 at Kolkata

• ICAI hosted an All India Managing Committee Members Meet (AIMCMM 2024) under the theme ‘DRISHTI’ – the vision for the Profession’ on 9-10th March, 2024 in Kolkata, which was attended by more than 1200 members from over 180 cities. The session focused on aligning the initiatives of the ICAI’s Regional Councils, Branches, Study Circles, and Chapters with the overarching vision of ICAI.
• The event was extensively publicized by the PR Committee through following activities:

Pre-event Press Conference – March 8, 2024 – A Pre-event Press Conference was organised in Kolkata, aimed at briefing the media about the AIMCMM and significant decisions made during the Council Meetings held on March 7^th. Media representatives from more than 30 distinguished publications such as The Statesman, The Telegraph, The Hindu Business Line, PTI, ANI, and various other regional and online platforms attended the Conference. Subsequently, a Press Release was also disseminated that was widely covered in leading dailies.

Print Advertisement – To amplify the event’s visibility and for the branding of the Institute a half-page advertisement was released in Kolkata editions across national and vernacular publications.

Developed Audio Visual on theme DRISHTI– In order to elucidate the vision statement ‘DRISHTI’ and highlight priority areas for the year to all Regional Councils and Branches, an Audio Visual was developed by the Committee which revolved around the 7 pillars of D-R-I-S-H-T-I, encapsulating the action plan and vision of President ICAI related to Digitalization (D), Research (R), Integrity (I), Skills (S), Handholding (H), Transparency (T), and Independence (I). The AV was played during the event and also shared with all RCs & Branches.

Designing of Branding Collaterals for the AIMCMM – Backdrop, standee for the event was also developed by the Committee.

(XX) To propagate various important initiatives of the Institute, Press Conferences were organized across India

In order to propagate various important initiatives of the Institute, Public Relations Committee organized Press Conferences in Lucknow, Guwahati, Ahmedabad, Jabalpur & Bhopal. During the Conferences, the Action Plan and priority areas for the year were shared with the Media. The information shared by the President during the interactions was widely covered in publications/online portals & Tv channels

(XXI) Press Brief- President’s visit to Branches

The Press Brief covering all the latest initiatives undertaken by ICAI was shared with branches for President’s visit and is periodically updated. As per the decision of the PR Committee, the Press interactions at regional level are being co-ordinated with concerned in RCs / Branches.

(XXII) Letter to Editor in response to misreporting by media

In the recent past, ICAI came across certain media reports projecting the profession and its members in an adverse light. The ICAI took a strong note of the manner in which the news items were printed in leading newspapers bringing disrepute to the profession. Accordingly, Letters were issued to the Editors of newspapers that published adverse reports damaging the reputation and tarnishing the image of the profession of Chartered Accountants in the eyes of the public. The Publications were asked to issue suitable corrigendum in the respective matter.

(XXiii) Revamping of ICAI Profile – 2023 -24

The ICAI Profile was revamped by inclusion of additional matters related to significant initiatives/ achievements of the Institute. The cover page and the theme of the Profile were changed as per the 75 years logo of ICAI. The revamped ICAI Profile copies were distributed during the GloPAC event.

(XXIV) 100^th Public Relations Committee Meeting

The Public Relations Committee reached a historic milestone and organized its 100^th Meeting on February 10, 2024. Towards celebrating this prestigious event, an AV tracing the journey of the Committee and booklet of significant achievements by the Committee during council year 2023-24 was made.

6.19 Research Committee

The Research Committee of The Institute of Chartered Accountants of India, established in 1955, is one of the institutes oldest technical committees. Its goal is to foster a research culture that enhances the quality of services provided by the profession. The Research Committee’s primary objective is to promote and foster a culture of research and innovation within the profession and the broader economy. This includes undertaking research projects on topics relevant to the profession, economic system, social system, education system, and business environment. The committee conducts studies in areas such as commerce, trade and industry, economy, accounting, and allied sectors, sharing findings with the government for informed policy frameworks. It supports government ministries and institutions by recommending research-based improvements in governance and professional interests. It also recommends financial assistance for research on accounting and allied subjects, conducts research on the success rates of government missions, and explores industry-specific sectors. Also, for research in the areas of economy, education, health, and infrastructure. Joint research is conducted for transformative insights and advancements in professional interest, technology, and economy, with support and collaboration from other committees, directorates, and boards within ICAI. Additionally, the committee aims to create a supportive environment for promoting research and innovation through various projects, programs, workshops, and seminars.

(I) Promoting Excellence in Financial Reporting Practices

ICAI Awards for Excellence in Financial Reporting 2022-23

For recognizing and valuing the immense significance that reporting practices holds, the Institute of Chartered Accountants of India has been organizing the ‘ICAI Awards for Excellence in Financial Reporting’ since 1958 to promote and reward entities that comply with the reporting regulations, accounting policies, principles and other disclosure provisions. Selection of awardees in specified categories is made through a robust three tier process. Jury meeting for the competition year 2022-23 was chaired by Smt. Soma Mondal, Member, Public Enterprises Selection Board. The award function to honour the awardees for the year 2022-23 was held on January 13, 2024 at Raipur, Chhattisgarh. Hon’ble Chief Minister, Govt. of Chhattisgarh were invited as Chief Guest and Guest of Honors, Hon’ble Cabinet Minister, Government of Chhattisgarh and Hon’ble Cabinet Minister, Government of Chhattisgarh graced the occasion. A total of 15 awards – One Gold Shield, Four Silver Shields and Ten Plaques were given away.

(II) Recognition of Research Scholars

ICAI International Research Award 2023

Since 2020, Research Committee is organizing “ICAI International Research Awards” to foster innovation. These awards recognise and tribute the professionals from across the globe in the fields of Accounting, Auditing, Economics, Finance and Taxation. The Awards could be considered as the World’s Largest Cross Border Competition. The Jury Meeting for ‘ICAI International Research Awards 2023’ was chaired by Chair, Edinburgh Group (2023). The other members of the Jury were: Vice-President, Research Guidance and Support, CPA Canada (2023), Secretary, ASEAN Federation of Accountants (2023), President, ICAI (2023-24) & Vice-President, ICAI (2023-24). The award function to honour the awardees was held on October 19, 2023 at Dubai, UAE. A total of 15 awards were given in five categories i.e. 5 Gold Shields, 5 Silver Shields and 5 Bronze Shields.

(III) Schemes for promoting Research Culture

ICAI Doctoral Scholarship Scheme

ICAI Doctoral Scholarship Scheme seeks to provide requisite support by way of monthly scholarship to the eligible candidates with outstanding academic credentials, intellectual curiosity and needed discipline to make scholarly contribution. This scheme is open for ICAI members who are not more than 40 years of age, who should be Full Time Student at the University/College/Institution while pursuing Ph.D. for their attendance & Classes and not availing any such scholarship from any other Institution. The scholarship of Rs. 75,000 per month for 3 years will be given for maximum 5 scholars annually.

ICAI Research Projects Scheme

The launch of the ICAI Research Project Scheme in 2020 demonstrates the Research Committee’s commitment to empowering and supporting researchers interested in conducting insightful investigations on contemporary topics, ultimately enhancing advancements in the field of accounting and its related domains. ICAI Research Project Scheme is a scheme which aims to fund research projects to be undertaken by members having experience of more than 10 years either in practice or in employment or experienced research scholars of a recognised University having published research papers in any referred Journal. The maximum amount of Rs. 10 lacs will be reimbursed as research expenditure. The Researchers are required to complete the research project within 6 months after the research proposal is approved by the Research Committee. The Scheme is open round the year.

Since its introduction, various projects have been awarded and completed under the Scheme as follows –

• Internal Control System in State Owned Universities A Study to Formulate Internal Control Manual
• Impact of Digital Transformation Strategies on Financial Performance in the Indian Manufacturing Sector
• How Indian Companies can play a pivotal role in the supply chain to Australia?
• Inching towards Tax Certainty: Neoteric Domestic Dispute Mechanism for Cross-Border Taxation
• Analysis and evaluation of Indian Startups in non-metropolitan areas and selected metropolitan areas-An Untold Story
• Money laundering and scams “THROUGH” Multi-State Urban Cooperative Credit Societies in India
• Taxation aspects of circulars issued by Regulatory Authorities- A study of IRDA Circulars
• Evaluating the effect of scientific meditation on employee burnout: A multinational study
• The emerging role of auditors and CFOs in addressing Risk Management: A New perspective
• Finance & Tax Literacy for Start-Ups
• Taxation on Non-Resident Artistes or Sportspersons – Domestically and Internationally

Also, a few projects are in pipeline.

ICAI Short Term Research Studies 2023

Research Committee has introduced the Short Term Research Studies Scheme in 2023 to spearheading the innovative and short-term research projects that may lead to breakthroughs in the critical issues. This scheme provides a platform for sharing new ideas, innovative research findings and thought-provoking insights on various contemporary topics. The weightage would be given to applicant having experience of at least 5 years in the Research domain and a PhD Holder. The Permissible Honorarium of Rs. 1,00,000 would be provided. The applicants will be given the time duration of three months for completing the research projects. The scheme is open round the year. A new research initiative under the scheme is being undertaken by the Research Committee named as “One CA – One District – One Research” for the inclusive growth of Indian Economy by focusing on the development of districts which are lagging in socio, economic & environmental parameters. Some districts have been identified and members of ICAI located in those districts have been contacted to undertake research study under the Short Term Research Studies Scheme.

Four projects have been approved under the scheme on the following topics which are in progress –

• REIT’S & its Emerging Scope in India
• The AI Audit Revolution: Exploring Opportunities and Challenges in Audit & Accounting Practice
• Study Of Current Socio-Economic Affairs in Sehore District Of Madhya Pradesh and the Way Forward
• Decoding the Development Dilemma of Dhubri District and Roadmap for its Inclusive Growth

(IV) Capacity Building Initiatives

• The Committee had organized the “Academia Meet with Universities/Institutions” on 17^th May 2024 at New Delhi to facilitate a platform for interaction and knowledge exchange between esteemed academicians to foster research advancements. With the objective of promoting a culture of research and innovation, this meeting proved to be an opportunity to enrich collective understanding and advance research endeavors for the benefit of profession and the economy at large. The Meet was graced by the esteemed academicians and researchers hailing from distinguished universities and business schools across the country. The event remarked the presence of President, ICAI, Vice President, ICAI, Chairman, Research Committee, ICAI and other Central Council Members, ICAI.
• “Interactive discussion on Research Advancements” was organised on 29^th May 2024 at ICAI Bhawan, New Delhi with the eminent members possessing Ph. D. degree to foster collaboration and innovation in research for the betterment of the profession & the economy as a whole. Chartered Accountants from all across the country having research background converged to discuss new areas of research focusing on the profession contributing to the growth of the economy. The event marked the presence of President, ICAI, Vice-President, ICAI, Chairman, Research Committee, ICAI and other Central Council Members, ICAI.
• The Committee had organized “Interactive Discussion on Excellence in Financial Reporting” on 25^th June 2024 at ICAI Bhawan, Indraprastha Marg, New Delhi. The event was organized to guide on the preparedness of reporting vis-a-vis how to avoid common errors and to update with the emerging trends in financial and non­financial reporting. On the occasion, it was highlighted that ICAI believes that the importance of reporting lies in adding substantial value to the organization, thereby earning respect and trust within country and beyond. The integrity and quality of reports directly influence market dynamics, investor confidence, and economic stability. Therefore, adherence to rigorous disclosure standards is not just a regulatory obligation but a cornerstone of ethical business practices. The event marked the presence of Vice President, ICAI, Chairman, Research Committee, ICAI and Vice-Chairman, Research Committee, ICAI(virtual).

(V) Seminars/Workshops/Residential Refresher Courses /National Conference/Webinars

The Committee had organized various interactive knowledge sharing Seminars, Workshops, discussions, meetings etc. for the proficiency of the professionals and researchers. 5 seminars, 1 workshop, 4 Residential Refresher Courses and 3 National Conferences were conducted during the period by the committee on topics like Understanding and handling accountancy deviations: Bridging the gap between stakeholders of the Economic and legal system, Research findings in the areas of Direct Tax, Research Findings in the areas of GST and Income Tax, Research Findings in the areas of Capital Market etc. Various knowledge sharing webinars were conducted during the period on the topic “Series of Excellence in Financial Reporting – Lessons Learnt, Best Practices & Commonly Found Errors for different industries, Series on Research Methodology, Financial Reporting Fortitude: Unmasking Common Errors for Excellence in Financial Reporting & Navigating Excellence: Examining the DNA of Outstanding Annual Report.

(VI) Live Panel Discussion

Staring from 22^nd March, 2024, Committee is organising weekly live panel discussions on contemporary topics that encourages continuous learning and development, which stimulates innovation and the creation of new prospects for research. These initiatives also promote networking and collaboration among researchers, institutions, and industries. The topics covered includes – Emerging Trends in Financial Reporting: A 2024 Update, Sustainability Reporting: Integrating ESG Metrics into Financial Disclosures wrt Research, Challenge & Solutions in Financial Reporting: A Research Perspective in MSME Sector, Integrated Reporting: Connecting Financial and Non- Financial Performance, The Role of Technology in Streamlining the Reporting Processes: A Research Perspective, Tax Implications in Reporting Practices: A Research Perspective, Navigating the disclosure landscape: Best Practices in Annual Report, Risk Management and Internal Control: A Focus on Annual Report Disclosures, Trends and Innovations in Designing Financial Sections of Annual Report, Exploring Non-Financial Disclosures in Annual Report, Role of Education in Economy for Chartered Accountants & Building Human Capital for the Future (A Research Perspective) etc.

(VII) Project in Progress

• Corporate Reporting Practices of Listed Companies in India
• Liquidation Accounting
• Accounting for Digital Assets
• Resource Material on Public Procurement
• An Exploratory Analysis of MUDRA and PMMY in Fostering Growth of Micro Enterprises
• REIT’s and Its Emerging Scope in India
• The AI Audit Revolution: Exploring Opportunities and Challenges in Audit & Accounting Practice
• Study Of Current Socio-Economic Affairs In Sehore District Of Madhya Pradesh And The Way Forward
• Decoding the Development Dilemma of Dhubri District and Roadmap for its Inclusive Growth

(VIII) Publications released during the year

• Case Studies on Excellency in Financial Reporting
• Commonly Found Errors in Reporting Practices
• Taxation on Non-Resident Artistes or Sportspersons – Domestically and Internationally (under ICAI Research Project Scheme)
• Investigating Tools for Harnessing & Strategically Utilizing the Catalytic Potential of Social Stock Exchange (SSE) for Revolutionizing Social Finance in India (under Short Term Research Studies)

6.20 Sustainability Reporting Standards Board (SRSB)

The Institute of Chartered Accountants of India (ICAI) has a strong tradition of service to the country towards sustainable as well as economic development. ICAI strives to bring sustainability reporting and thinking within mainstream business practices both in the public and private sectors. ICAI through SRSB is taking proactive steps to not only identify and develop opportunities for Chartered Accountants in Sustainability Reporting but also to enhance knowledge, upskill and train members by conducting workshops, seminars, and certificate course, publish technical literature on various important topics within the sustainability domain. Further, in its endeavor to promote sustainability reporting ecosystem in the country which would lead to greener low-carbon economy, the Institute is working on two crucial aspects. Firstly, to promote compliance with existing accounting and sustainability related disclosure requirements. Secondly, to strengthen assurance framework to build a solid bridge between sustainability related risks and corporate financial reporting.

(I) Initiatives towards Partner in Nation Building

In the pursuit of fostering responsible and sustainable practices within the securities market, our esteemed Board actively engaged in several initiatives throughout the council year. We responded comprehensively to SEBI’s Consultation Paper on ESG considerations, contributing thoughtfully to the ongoing discourse. Surveys on gender equality in the accountancy profession and sustainability/ESG aspects were submitted, aligning with global efforts spearheaded by UNCTAD. Strategic meetings were held with key regulators, including NABARD and SEBI, aimed at capacity building for Non-Profit Organizations on the Social Stock Exchange. Additionally, our chairperson played a pivotal role in the Sustainability Standards Advisory Forum, contributing inputs for the development of globally accepted Sustainability Disclosure Standards. Capacity building programs, interactive sessions, and impactful presentations at international forums underscore our commitment to nation-building through initiatives that promote ethical, responsible, and sustainable practices within the financial landscape. These endeavours collectively embody our dedication to being a true partner in the nation-building process.

• Submitted Comments:

SEBI has issued Consultation Paper on “Environmental, Social and Governance (ESG) Rating Providers for Securities Market” and “ESG disclosure, ratings and investing”. In response to this initiative, our esteemed Board has diligently provided its comments on the papers. These comments have been thoughtfully articulated to contribute to the ongoing discourse and deliberations surrounding the integral matter of ESG considerations within the securities market.

Surveys:

> Submitted survey on Gender equality in the Accountancy profession -surveys India where UNCTAD is reaching out to key counterparts from all regions and inviting them to respond to the surveys. In addition, UNCTAD is contacting international counterparts who can provide support by sharing the electronic surveys with relevant national, regional, or global counterparts who can respond to the surveys.

> The Board shared a survey on sustainability and ESG aspects for ICAI members and SAFA members as part of ICAI – SRSB Sustainability Journey. The survey aimed to assess the awareness, attitudes, and practices of CA professionals regarding sustainability and ESG considerations in their professional roles.

• Meeting with Regulators and other Professional bodies

> Chairperson, SRSB had a meeting on 11^th September 2023 with NABARD to form a cohort for capacity building of NPOs registered on Social Stock Exchange (SSE).

> Chairperson, SRSB also had an interactive meeting with Securities Exchange Board of India (SEBI), National Stock Exchange (NSE), Bombay Stock Exchange (BSE) and Reserve Bank of India.

> Chairperson, SRSB is a member of Sustainability Standards Advisory Forum (SSAF) and attended meetings of the forum every quarter to share inputs towards the development, in the public interest, of high-quality, understandable, enforceable, and globally accepted Sustainability Disclosure Standards.

> Chairperson, SRSB attended a meeting at National Bank for Agriculture and Rural Development (NABARD) and Small Industries Development Bank of India (SIDBI) has also requested ICAI to give training to the officers related to the area sustainability.

• Capacity Building Program

> Chairperson, SRSB delivered lectures on Social Audit and Social Stock Exchange.

> Chairperson, SRSB attended Media residential Meet organized by Public Relations Committee of ICAI at Agra held on June 04,2023.

> Chairperson, SRSB chaired 2^nd meeting of the Committee on Sustainability Reporting and Assurance on June 6, 2023.

• Interactive Sessions

SRSB had prepared presentations on Sustainability and related areas i.e Asia-Pacific Climate and Sustainability Reporting Summit, Environmental, Social and Governance Reporting: Exploring the Road Map and Financial Reporting for Sustainable Economy, ICAI’s experience in setting up the Institute of Social Audit, IFASS panel discussion on “Sustainability reporting implementation issues, capacity building, and implementation guidance, Expand Your Horizons- Inputs relating to SRSB and Social Stock exchange and Initiative of SRSB & climate action for CCMs attending meeting at various international forums.

(II) Important Events (National and International)
International

• Achievement: ICAI receives Prestigious UNCTAD ISAR Honours Award at World Investment Forum 2023

Sustainability Reporting Standards Board (SRSB) received an Award in UNCTAD ISAR Honours Ceremony at the World Investment Forum on 17^th October 2023 at Abu Dhabi. ICAI received the highest score in this year’s session of ISAR HONOURS among 70 global initiatives from all over the world. ISAR Honours recognizes policy, institutional and capacity-building initiatives to encourage and assist enterprises to publish data on their contribution to the implementation of the 2030 Agenda for Sustainable Development and facilitate good practices in this area.

National

• ICAI Sustainability Reporting Awards 2022-23

ICAI Sustainability Reporting Awards 2022-23 and International Sustainability Reporting Awards 2022-23: The SRSB organized awards presentation ceremony to recognize the contributions made by the companies towards Business Responsibility & Sustainability Reporting, Sustainability Reporting Leadership and best Sustainability Reporting practices through the annual awards competition titled ‘ICAI Sustainability Reporting Awards and International Sustainability Reporting Awards’ in a glittering ceremony held in Mumbai on 20^th December, 2023. The award presentation ceremony was preceded by National Program on Leadership in Sustainability | Women and Capital Market. The ceremony, held in the vibrant city of Mumbai, marked a significant milestone in recognizing and honoring the remarkable contributions made by companies towards Business Responsibility & Sustainability Reporting, Sustainability Reporting Leadership, and exemplary Sustainability Reporting practices. The event featured a diverse array of categories, each acknowledging the varied contributions made by businesses in the realm of sustainability. These included Excellence in Business Responsibility and Sustainability Reporting, Sustainability Reporting Leadership, Climate Action Reporting, and Gender Equality—a testament to the multifaceted nature of sustainable practices in the corporate world.

A total of 113 nominations were received, out of which 19 companies were awarded in various categories as mentioned above. The awards presentation ceremony, attended by more than 500 participants, showcased the commitment of businesses to sustainable practices. The Institute organized awards presentation ceremony to recognize the contributions made by the companies towards Business Responsibility & Sustainability Reporting, Sustainability Reporting Leadership and best Sustainability Reporting practices through the annual awards competition titled ‘ICAI Sustainability Reporting Awards and International Sustainability Reporting Awards’ this year award jury has an eminent personalities across the globe such as MD & CEO, HDFC Asset Management Company (Jury Chairman), Padma Shri., Regional President – John Cockerill Group, GRI Regional Hub South Asia, Managing Director – Apcotex Industries Limited, Co-founder and MD, Hiranandani Group, Chief Economist at National Stock Exchange of India Limited, Director Investment Research, UNCTAD, Economic Affairs Officer Division of Investment and Enterprise, UNCTAD who diligently and unanimously finalized the awardees.

The Chief Guest for the award presentation ceremony MD & CEO, National Stock Exchange, presented the awards to the winners. The awards ceremony featured a range of categories acknowledging the diverse contributions made by businesses towards sustainable practices. In his address at the ICAI Sustainability Reporting Awards & 1^st CA Women Excellence Awards ceremony, he underscored the pivotal role of accounting as a pillar of capitalism. He articulated the importance of trust, emphasizing that a clear understanding of a company’s assets and profits is fundamental to building and maintaining trust. As an advocate for collaboration, he expressed his belief that the National Stock Exchange and ICAI must work hand in hand for mutual prosperity. Furthermore, he spoke passionately about the integral connection between sustainability and the nation’s growth. He highlighted the significance of environmental factors, urging that the countries capable of managing their water quality, air quality, and natural resources sustainably are poised for long-term survival. Acknowledging India’s role as one of the world’s largest recirculating economies, he emphasized the need for sustainability to be inclusive, benefiting a greater number of people in our country.

• National Program on Leadership in Sustainability | Women & Capital Market

National Program on “Leadership in Sustainability and Capital Market” on 20^th December 2023 at NSE Exchange Plaza, BKC Mumbai. The topic was Sustainability : ESG | Bio Diversity| Circular economy |Global Reporting | Assurance | Opportunities for Cas with eminent speaker such as -Global Head, Audit Risk & ESG, Wockhardt Ltd, OSD,CSIR and Former Director, CSIR – NEERI, CFO, Tata Chemicals Ltd, , CFO, Yes Bank Ltd, Vice Chairman- SRSB, Chairman- ISAI and Immediate Past President- ICAI- as a Panel Moderator and Track 2-Smart Investing in Capital Market in Current Volatile Scenario having eminent speakers such as- Managing Editor, Zee Business, MD & CEO, HDFC Asset Management Company and Central Council Member- Panel moderator where more than 300 members joined the Program.

• ESG Conclave

ESG Conclave- India at Centre Stage was held on July 8, 2023, at Mumbai. The objective of this event was to disseminate knowledge and awareness amongst members about the GRI Framework, Demystifying BRSR, Sustainable Investing & Green Finance, Building Sustainable Supply Chain & Circular Economy, ESG ratings, Role of CA’s in ESG & Sustainability etc. member of the Public Enterprises Selection Board, India graced the occasion as a chief guest where more than 100 Participants have registered for this event and various eminent speakers across the world shared their valuable insights on the abovementioned topics.

• ESG-Roundtable

ESG Roundtable on ESG and Sustainability: Opportunities for Cas was held on 30^th March 2023 at Mumbai. The outreach program consisted of technical sessions on Business Responsibility and Sustainability Report (BRSR), Roadmap to Carbon Neutrality, Initiatives of SRSB and ESG around the World and GCI. Chairperson SRSB, apprised about the initiatives of Sustainability Reporting in India. Eminent speakers for Panel discussions were Vice Chairperson, SRSB, Deputy President, CAPA and Past President, ICAI, Investment Research UNCTAD and VP, Reliance Industries Ltd. , Director, Investment Research UNCTAD has offered speaking slot and a complimentary stall space at World Investment Forum in October in Abu Dhabi.

(III) Initiatives for the Members/Students

Seminars/Webinars

The Board organized 4 Seminars and 6 Webinars on Demystifying Sustainability- Opportunities in ESG, SSG and Social Audit, Sustainability: Sunrise Area for Chartered Accountants, Evolution and overview of Sustainability & ESG, Role of CAs, Registration and listing of Social Enterprises on Social Stock Exchange, Sustainability Reporting Landscape and New Developments, Carbon Accounting and Offsetting, Global Frameworks Impacting Sustainability Landscape in India, Sky-High Symposium 95- a dynamic online webinar on Greenhouse Gas Accounting etc.

• Sustainability Awareness Drive

> On the occasion of 75^th year of ICAI, the Board launched a video titled “Har Ghar Sustainability” on 1st July 2023 to spread the awareness about how a household can be sustainable in their day-to-day life.

> The Board while celebrating Sustainability week to promote sustainability awareness where a range of activities centred around the key pillars of sustainable development- 5 Ps (Planet, People, Prosperity, Peace, Partnerships) which includes a Blood donation camps, Sustainability Skit, Tree plantation and Cloth & Food distribution organized in branches/RCs.

> In quest for sustainability, the Board is preparing to launch of a culturally enriched video, intertwining the essence of Indian culture with our commitment to a greener future. This initiative will reflect our dedication to harmonizing tradition and innovation for a sustainable and vibrant tomorrow.

> Western India Regional Council (WIRC) of ICAI in order to promote awareness about Sustainability and ESG organized Skit on sustainability at “37^th Regional Conference” and “National Conference for CA Students” on December 15 and 16, 2023 at NESCO, Goregaon, Mumbai where more than 1500 members and 3000 students were present respectively.

• Awareness Program on SDGs

> Yoga and Meditation Drive

> Tree Plantantion Drive

> Cloth and Food distribution Drive

• Online Certificate Course on Sustainability and BRSR

The Board has revised the course curriculum of the Certificate Course on Sustainability and BRSR after various developments in sustainability and BRSR reporting as per the latest requirements of SEBI. The Course tenure has also been increased from 5 Days to 8 days (increased from 20 hours to 30 hours). The Board has successfully completed the 20^th, 21^st and 22^nd batch of online Certificate Course of Sustainability and BRSR as per the revised course curriculum with 139, 64 and 166 participants respectively. Till date, 22 batches have been conducted successfully and around 1900 participants enrolled for this course. Further, revision of course material for the BRSR course is under process.

(IV) Technical Vetting of Articles by the Board

To maintaining the highest standards of academic rigor and excellence and as part of dedication to advancing knowledge and promoting quality research within the field, the Board has actively engaged in the technical vetting of articles shared by the esteemed Editorial Board of the ICAI.

Objective: The primary objective in undertaking this crucial responsibility is to ensure that the scholarly content disseminated through our platform is of the highest technical quality and contributes meaningfully to the advancement of our discipline.

Domains Explored: The articles under scrutiny cover a diverse range of technical domains, showcasing our commitment to addressing multifaceted challenges within the sustainability sector. These domains include, but are not limited to:

• Green Finance and Sustainability:

> Green Finance: Accelerating the transition to low carbon

> EU Carbon Tax and its Impact on the Indian Industry

> IFRS – S2: How climate changes can impact your financial reporting

> Carbon Credit Market in India: An Initiative Towards Achieving Environmental Sustainability

• ESG Reporting and Compliance:

> Enhancing Business Valuation through ESG Integration

> Assurance of Corporate Sustainability: A Study of BSE-SENSEX Companies

> The Growing Significance of ESG in Businesses: The Role of Chartered Accountants in ESG Reporting and Compliance in India

• Sustainable Business Practices:

> Green Cement: Path for Sustainability

> Beyond Profits: The Rise of Green Accounting

> Sustainability Management Accounting in SMEs: A Management Accountant Perspective

• Renewable Energy and Environmental Initiatives:

> Renewable Energy: INDIA Emerging as a Global Leader in Energy Transition

• Economic Growth and Entrepreneurship:

> Linkage between Entrepreneurship and Economic Growth

Methodology: The technical vetting process involves a meticulous examination of the submitted articles within these diverse technical domains, encompassing a thorough review of the methodology, data analysis, and overall technical validity. Our Board members, who are experts in their respective technical fields, bring a wealth of knowledge and experience to the evaluation process.

Impact: The rigorous technical vetting process conducted by our Board contributes to the credibility and technical standing of our organization. It reflects our commitment to fostering a culture of technical excellence and promoting cutting-edge research within the community.

(V) Registration of Trademark in the name of Sustainability Reporting Standards Board

SRSB has recently received an intimation, dated February 3, 2024, confirming the successful registration of the trademark. The trademark now officially belongs to the “Sustainability Reporting Standards Board” of the Institute of Chartered Accountants of India (ICAI). This milestone underscores our commitment to safeguarding the integrity and identity of the Sustainability Reporting Standards Board, ensuring its continued influence and recognition in the field of sustainability reporting.

(VI) Publication

• Sustainability Reporting Maturity Model (SRMM) Version 2.0

6.21 Committee on Financial Markets and Investors’ Protection (CFM&IP)

The Committee on Financial Markets and Investors’ Protection provide suggestions on various Bills, Notifications, Circulars, Consultation papers and other documents related to Financial Markets to the Government and Regulators. Additionally, the Committee regularly interacts with Ministry of Corporate Affairs, Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority, Non- Finance companies (Department of Non-Banking Finance companies of RBI), Forward Markets Commission and Stock Exchanges on the issues relating to Financial Markets, the role of Chartered Accountants and Investors’ Protection.

(I) Partner in Nation Building

To create awareness amongst the public at large and to ensure Investors’ Protection, the Committee conducted 128 Investor Awareness Programmes through various Programme Organizing Units of ICAI i.e. Branches/Regional Councils/Study Circles, to enhance the ability of investors to understand broad developments of the Financial Markets under the aegis of Investor Education and Protection Fund Authority (IEPFA) of the Ministry of Corporate Affairs (MCA).

(II) Comments/Suggestions on Securities and Exchange Board of India (SEBI)

• Consultation Paper on Regulatory Framework for Micro, Small and Medium REITs (MSM REITs) dated May 12, 2023.
• Consultation paper on Institutional Mechanism for Asset Management Companies for deterrence of possible market abuse and Fraudulent transactions dated May 20, 2023.
• Consultation paper on Framework for mandating additional disclosures from foreign Portfolio Investors (FPIs) that fulfil certain objective criteria, to 1) guard against possible circumvention of Minimum Public Shareholding (“MPS”), and 2) to guard against possible misuse of FPI route to circumvent the requirements of Press Note 3 (“PM3”) dated May 31, 2023.
• Consultation paper on Consolidated Cybersecurity and Cyber Resilience framework for SEBI Regulated entities dated 4^th July 2023.
• Comments/suggestions were submitted by the committee to the Securities and Exchange Board of India (SEBI) on the consultation paper dated 29^th August 2023 Consultation paper by SEBI on Flexibility in the framework on Social Stock Exchange (SSE)
• Consultation Paper on Framework for REITs and InvITs Subordinate Units & Employee Benefits dated Dec 09, 2023.
• Consultation Paper on Amendments to SEBI Regulations with respect to Verification of Market Rumours dated Dec 28, 2023.
• Committee made representation on 1^st February 2024 before SEBI for inclusion of Certificate Course on Fundamental and Technical Analysis of Stocks including Equity Research (FATA) by ICAI as Certification Examination to fulfil the requirements specified under Regulations 7(2) of the SEBI (Research Analyst) Regulations, 2014
• Committee made representation before SEBI on 1^st February 2024, requesting to allow Chartered Accountants as Category IV Merchant Bankers for Advisory and Consultancy Purpose for MSME Sector. Committee made representation before Multi Commodity Exchange of India Limited (MCX) and Bombay Stock Exchange Limited (BSE), seeking to allow Chartered Accountants who have successfully completed the Certificate Course on Financial Markets and Securities Laws to undertake the Internal Audit of Trading Members of the said Exchanges, as the said Certificate Course has already been recognized as an eligibility criteria for the said Internal Audits by National Stock Exchange of India Limited (NSE) vide Circular Number 77/2022 dated 14^th October 2022.

(III) Initiatives for the Members

Certificate Courses

To enhance the skills of our members and to empower them suitably, the Committee conducts a 4 Certificate Courses which are as follows:

• Certificate Course on Forex and Treasury Management (FXTM)
• Certificate Course on Derivatives
• Certificate Course on Fundamental & Technical Analysis of Stocks including Equity Research
• Certificate Course on Financial Markets and Securities Laws (FMSL)

The Committee has successfully conducted 5 Online batches through Digital Learning Hub of the Certificate Course on Forex & Treasury Management, Certificate course on Derivatives, Certificate Course on Financial Markets & Securities laws and Certificate course on Fundamental & Technical Analysis of Stocks including Equity Research, wherein a total of 429 Members of ICAI have enrolled.

(IV) National Conferences/Seminars/Workshop/Webcast/ Residential Refresher Course (RRC) for professional enhancement of members

The Committee has disseminated knowledge among members by way of 45 Virtual CPE Meetings and webinars. The Committee on Financial Markets and Investor’s Protection conducted 3 National Conferences, 15 Seminars and 1 Workshops with support of Branches of ICAI.

6.22 Audit Committee

The Constitution of Audit Committee of the Institute is governed by the Council. It ensures independence and integrity while appointing auditors at various units of the Institute. It reviews audit reports, takes follow up with auditee departments/units, hold discussion with auditors and recommends appropriate actions based on reports submitted by the auditors of various units of the Institute.

6.23 Digital Re-Engineering and Transformation Directorate (DR&TD)

The Digital Learning Hub has evolved over the past years and various customizations/alignment of ICAI processes have been enabled for conduct of virtual and physical courses through the Hub. The ICAI Digital Learning Hub is currently being used the Central committees for Certificate courses, Post Qualification courses, Refresher courses, CPE events and Online Self-Paced courses being organised through the said platform and has been extended to ICAI Branches and Regional Councils for conducting their virtual CPE events and Web Lectures too.

The Digital Learning Hub broadly provides the following facilities to its stakeholders,

• Knowledge Repository for Professional & academic learning.
• Content Delivery by providing access to courses, lectures, and other learning materials.
• Learning content in multiple formats (documents, PPTs, video, audio, SCORM) tailored to suit every learner.
• Leaderboard feature showcasing credits achieved.
• Structured and Unstructured CPE hours credits for ICAI Members.
• Badges to Members based on CPE Hours Earned.
• Communities to share Ideas.
• Course Access to Government Officials, Bank Officials, MRA/MOU/SAFA Members.
• Skill India Courses for Non-Members.
• Assessment and Feedback by offering tools for quizzes, assessments, assignments, with feedback to help learners gauge their understanding and progress.
• Certificates generated for learners on successful completion of Certificate courses and Post Qualification courses.

DLH Statistics – 1st April 2023 to 31st March 2024
Active Learners on DLH	43973
Number of Certificate Courses conducted through DLH	152
Learners Enrolled – Certificate Courses	15881
Total Number of Assessments Conducted	87
Total Online Certificates generated (QR Enabled)	10433
Count of Members who earned CPE Credits through Self-paced courses(Structured)	10934
Count of Members who earned CPE Credits through Self-paced courses(Unstructured)	13142

6.24 Management Committee

Management Committee, constituted in 2015 as non-standing Committee of the Council, is mandated to consider matters pertaining to formation of Branches, setting up of Chapters abroad, MoUs/ MRAs with national/ international bodies, appointment of central auditors of ICAI, annual accounts of the Institute, matters referred by the Central Government and other regulatory bodies, proposals for amendments in the Chartered Accountants Act, 1949, Rules and Regulations framed thereunder, Regional Councils and Branches matters, Members/CA firms/LLPs/mergers/demergers/networking related matters and proposals received from other committees/departments of the Institute having administrative and policy implications and making its recommendations to the Council wherever required.

6.25 Insolvency & Valuation Standards Board

The Insolvency & Valuation Standards Board (I&VSB) of ICAI has been newly constituted for the year 2024-25. The Committee on Insolvency and Bankruptcy Code and Valuation Standards Board have been merged to form Insolvency & Valuation Standards Board w.e.f. 19^th February 2024.

(I) Insolvency & Valuation Standards Board (I&VSB)

The Insolvency & Valuation Standards Board (I&VSB) has been set up this year to act as an instrument for the empowerment of the profession and aims to facilitate a fair corporate regime with the best global practices in the sphere of Insolvency and Valuation. Also, the Board has been formed to focus on advancement of activities for formulation, implementation and recognition of ICAI Valuation Standards 2018. The Insolvency and Valuation Standard Board (I&VSB) plays a crucial role in maintaining financial stability by establishing and promoting transparent and consistent standards in the fields of insolvency and valuation.

Significant Achievements and Initiatives

• Simplification of Companies Rules and LLP Rules under the policy for pre-legislative consultation formed by the Ministry of Corporate Affairs

The Ministry of Corporate Affairs has been undertaking the Comprehensive Review of the Rules under the Companies Act 2013, LLP Rules and Rules under IBC under the policy for pre-legislative consultation formed by the MCA. The I & VSB comprehensively reviewed the Companies (Registered Valuers and Valuation) Rules, 2017 and developed draft Suggestions on the same. The Suggestions on Companies (Registered Valuers and Valuation) Rules, 2017 have been submitted to the Ministry of Corporate Affairs.

• Suggestion on Discussion Paper by IBBI on “Strengthening the process of issuance of record of default (RoD) by Information Utility (IU)”

The Insolvency and Bankruptcy Board of India (IBBI) had issued a Discussion Paper on Strengthening the process of issuance of record of default (RoD) by Information Utility (IU) wherein comments have been solicited on the proposals and the draft regulations. In this regard, Roundtable has been organised by Insolvency & Valuation Standard Board of ICAI (I & VSB) and the suggestions have been prepared. The suggestions will be submitted to IBBI soon.

• Guidelines on Valuation of Assets during CIRP submitted to IBBI

The Insolvency and Bankruptcy Board of India requested ICAI to develop the Guidelines on the Valuation of Assets during CIRP.The Guidelines have been developed and the same included a detailed list of assets to be valued. The Guidelines have been bifurcated into two sections viz, general guidelines for all the asset classes and specific guidelines for the three asset classes. The Guidelines as approved by the Council have been submitted to IBBI.

• Development of ICAI Valuation Standards for other two assets class i.e., “Plant & Machinery” and “Land & Building” in addition to “Securities or Financial Assets”

I & VSB has initiated the process of developing the Valuation Standards for the Asset classes, namely Land & Building and Plant & Machinery in addition to Securities and Financial Assets. The Concept Paper to formulate Valuation Standards for the Asset Classes – Plant and Machinery and Land and Building has been prepared to take the formulation forward.

• Nomination sought from 14 RVOs for nominating representative on Insolvency & Valuation Standards Board for development of Valuation Standards on the Asset Class “Plant and Machinery” and “Land and Building”

The Insolvency & Valuation Standards Board of ICAI has sought nomination of representatives from the fourteen Registered Valuers Organisations (RVOs) on the Board for the year 2024-25. The objective is to enable wider participation in the discussion and finalisation of Valuation Standards on the Asset Class “Plant and Machinery” and “Land and Building” as these Organisations have expertise in this field. Accordingly, representations have been received on the Board from the following organisation:

Name of the Organisation	Nominated Member
IOV RVF	Director, IOV RVF
IOV RVF	Faculty P&M, IOV IVF

• Nomination sought from various Regulators for representation on Insolvency & Valuation Standards Board of ICAI

The Insolvency & Valuation Standards Board for wider participation in the discussion of the Valuation Standards, and for providing Interpretations, Guidance and Technical Materials has sought nominations of experts from various Organisations for the year 2024-25. Accordingly, representations have been received on the Board from the following organisations:

Name of the Organisation	Nominated Member
IBA	Senior Advisor, Stressed Assets
FICCI	Senior partner, SCV & Co. LLP
ASSOCHAM	Co-Chairman, ASSOCHAM, National Council for IBC & Valuation, Managing Partner, RNC Valuecon LLP
CII	Member, CII

• Meeting with Chief Justice Bombay High Court regarding Valuation Services to be taken from Registered Valuers.

In order to expand the scope of work of Registered Valuers of ICAI Registered Valuers Organisation (ICAI RVO) in the Judicial / Quasi-Judicial Realm, ICAI RVO had sent letters to the Supreme Court of India and all the High Courts of India. On invitation, an initial meeting was held with the Hon’ble Registrar General of the Mumbai High Court on 19^th of December, 2023 and the representatives of ICAI RVO attended the meeting. In continuation of this, the second round of meeting was held with the Hon’ble Chief Justice, Mumbai High Court on 22^nd April 2024 to take the proposal further. This meeting was attended by Chairman, I & VSB, Vice-Chairman, I & VSB along with the Secretary, I & VSB and Officiating CEO ICAI RVO. During the meeting, it was advised to submit additional documents for sustaining statutory recognition of ICAI RVO before empanelling Registered Valuers.

• Quarterly e-Newsletter “Valuation Edge”

The Insolvency & Valuation Standards Board releases its quarterly e-Newsletter namely “Valuation Edge”. This initiative is driven by a commitment to keeping our members consistently informed and well-versed in the evolving landscape of Valuation and Insolvency laws. Quarterly e-Newsletter “Valuation Edge” for the quarter ending March and June, 2024 have been released and hosted on ICAI Website.

• Monthly Knowledge Corner by Insolvency & Valuation Standards Board

The Insolvency & Valuation Standards Board continues with the release of Knowledge Corner in the form of news updates and Case law updates on a monthly basis covering important Case Analysis based on the decisions by Supreme Court, High Courts, NCLAT and NCLT on issues under The Insolvency and Bankruptcy Code, 2016. The Knowledge Corner for the months from February, 2024 to June, 2024 has been released and hosted on ICAI Website.

• Monthly Quiz on IBC and Valuation

The Insolvency & Valuation Standards Board has introduced a monthly quiz as a part of its strategic initiatives to enhance knowledge of members and to promote active engagement. As an incentive for active involvement, the top three participants are being rewarded with publication of the Board. This initiative not only promotes learning but also encourages members to stay updated and engaged with current developments in the field of insolvency and valuation. The monthly quiz for the months from March, 2024 to July, 2024 has been released.

• ICAI-SAFA Webinars organised by Insolvency & Valuation Standards Board, ICAI jointly with Indian Institute of Insolvency Professionals of ICAI (IIIPI)

> 1^st ICAI-SAFA webinar on the topic “International Insolvency-Best Practices” held on 20^th March,2024

To disseminate knowledge to SAFA member countries on the insolvency ecosystem, Insolvency & Valuation Standards Board (I & VSB) of the Institute of Chartered Accountants of India (ICAI) and the South Asian Federation of Accountants (SAFA) jointly with Indian Institute of Insolvency Professionals of ICAI (IIIPI) has conducted a webinar on the topic “International Insolvency-Best Practices” on 20^th March,2024.The 1^st st ICAI -SAFA webinar received an overwhelming response, with participation of more than 860 members including 15 members from 15 different countries, reflecting a truly global engagement.

> 2^nd ICAI-SAFA Webinar on the topic “Cross Border Insolvency Framework under IBC” held on 24^th June 2024

The Insolvency & Valuation Standards Board organised the second ICAI – SAFA webinar on the topic “Cross Border Insolvency Framework under IBC” on 24^th June 2024. The aim of the webinar is to support professional networking, cross-jurisdictional knowledge sharing, and cooperation among SAFA member countries in order to enhance the understanding and implementation of insolvency laws. The webinar garnered over 650 participants, indicating significant participation and an overwhelming response.

• Online Certificate Course on The Insolvency and Bankruptcy Code, 2016 in association with IBBI

Looking at the importance of The Insolvency and Bankruptcy Code, 2016 and the professional opportunities therein, the Certificate Course on The Insolvency and Bankruptcy Code, 2016 has been launched for the benefit of the members at large. Towards this, the Insolvency & Valuation Standards Board (I&VSB) has successfully organized three batches of the Certificate Course on The Insolvency and Bankruptcy Code, 2016 from March 2024 to June 2024.

• Two-day Residential Refresher Course on 31^st May & 1^st June’24 hosted by Jammu and Kashmir Branch of NIRC of ICAI

With a view to promote and to create awareness about ICAI Valuation Standards 2018, Valuation, Insolvency and Bankruptcy Laws, the Insolvency & Valuation Standards Board has organized a Two-day Residential Refresher Course on Insolvency & Valuation. The Course was hosted by Jammu and Kashmir Branch of NIRC of ICAI on 31^st May 2024 and 1^st June 2024 in Srinagar. Over the course of this two-day Refresher Course, participants explored various opportunities for Chartered Accountants in Valuation and Insolvency, examined the interplay between insolvency and valuation, and delved into valuation under startup and emerging technology assets in insolvency contexts. These discussions provided valuable insights into the dynamic fields of insolvency and valuation.

• Two-day International Convention on Insolvency Resolution and Valuation “RESOLVE- 2024” on 12^th-13^th July 2024 at Bharat Mandapam, New Delhi

The Insolvency & Valuation Standards Board of ICAI has successfully organized second edition of two-day International Convention on Insolvency Resolution and Valuation “RESOLVE- 2024” on the theme “Enabling Resolution Maximizing Value” on 12^th -13^th July 2024 at Bharat Mandapam, New Delhi in association with The Insolvency and Bankruptcy Board of India, Indian Institute of Insolvency Professionals of ICAI and ICAI Registered Valuers Organisation. The event was hosted by The Northern India Regional Council of ICAI. The Second edition of RESOLVE-2024 was attended by approximately 500 Participants and other key stakeholders in person from India and other overseas jurisdictions. RESOLVE-2024 had several technical sessions and panel discussions spread over the two days covering the most relevant and contemporary topics in the space of insolvency resolution and valuation and were addressed by more than 50 eminent international and national thought leaders.

• Training Programmes/ Workshops/ Conferences/ Webinars/ Seminars on Insolvency and Bankruptcy laws, Valuation and ICAI Valuation Standards 2018

The Board had organised/planned to organise 7 National Conference/ International Conference/ Seminar with a view to promote and to create awareness about ICAI Valuation Standards 2018, Valuation and Insolvency and Bankruptcy Laws.

(II) Committee on Insolvency & Bankruptcy Code(April 2023-February 2024)

The Committee on Insolvency & Bankruptcy Code of ICAI has been constituted to give specific focus on Insolvency and Bankruptcy Laws. It is an emerging area, and it has created a new professional opportunity for the members. The Committee aims to bring awareness about this new area of practice in the Insolvency Resolution sphere to the members at large and facilitates in educating the members on the practical aspects and procedures of the Law.

Significant Achievements and Initiatives

• Submission of ICAI Suggestions to IBBI on various Discussion Papers as brought out by IBBI.

> ICAI Suggestions submitted on IBBI Discussion Paper on measures for increasing the possibility of resolution, value of resolution plan and enabling timely resolution.

> ICAI Suggestions submitted on IBBI Discussion Paper on Simplification of Enrolment and Registration Process for Ease of Entry in the Insolvency Profession.

> ICAI Suggestions submitted on IBBI Discussion Paper on appointment of RP, sharing of report prepared by the RP with the personal guarantor and mandating summoning of meeting of the creditors.

> ICAI Suggestions submitted on IBBI Discussion Paper on Streamlining the Voluntary Liquidation Process.

> ICAI Suggestions submitted on IBBI Discussion Paper on Rationalisation of the Regulatory Framework for Enhancing the Effectiveness of Insolvency Professional Entities in Insolvency Resolution Process.

> ICAI Suggestions submitted on IBBI Discussion Paper on Strengthening the Liquidation Process.

> ICAI Suggestions submitted on IBBI Discussion Paper on Amendments to Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Process) Regulations, 2016.

> ICAI Suggestions submitted on IBBI Discussion Paper on Real- Estate Related Proposals- CIRP & Liquidation.

• Knowledge Corner on IBC

The Committee has taken the initiative to bring Knowledge Corner on IBC in the form of News Updates and Case Law Updates on a monthly basis covering important Case Analysis based on the decisions by Supreme Court, High Courts, NCLAT and NCLT on issues under The Insolvency and Bankruptcy Code, 2016. The Committee has brought out Knowledge Corner from April 2023 to October 2023.

• Certificate Course on The Insolvency and Bankruptcy Code, 2016

Looking at the importance of The Insolvency and Bankruptcy Code, 2016 and the professional opportunities therein, the Committee has launched Certificate Couse on The Insolvency and Bankruptcy Code, 2016 during the year for the benefit of the members at large.

The Committee has conducted eight batches of Certificate Course on The Insolvency and Bankruptcy Code, 2016 through Online Mode. From third batch onwards, course is being conducted by the Committee in association with Insolvency and Bankruptcy Board of India (IBBI).

• Seminars/Conferences/Conclaves/Webinars/Workshops held during the year 2023-2024

The Committee organised 2 Seminars, 2 Conferences, 4 Conclaves, 10 Webinars and 3 Workshops on Insolvency and Bankruptcy Code, 2016, Voluntary Liquidation Process under IBC-Important Practical Insights, Recent Judicial Pronouncements under IBC, Liquidation Process under IBC- Aspects, Developments and Challenges, Preparation of Limited Insolvency Examination etc.

• Publications Released
• Liquidation Process- A Handbook for the guidance of Insolvency Professionals
• Voluntary Liquidation Process- A Handbook for the guidance of Insolvency Professionals
• Corporate Insolvency Resolution Process -A Handbook for the guidance of Insolvency Professionals (III) Valuation Standards Board (April 2023-February 2024)

To have consistent, uniform, and transparent valuation policies and to harmonize the diverse valuation practices by taking into consideration the applicable laws, customs, usages, and business environment relevant in India, the Institute of Chartered Accountants of India (ICAI) formed the Valuation Standards Board in the year 2017. The Valuation Standards Board of Institute of Chartered Accountants of India has issued ICAI Valuation Standards in 2018 for the asset class of Securities or Financial assets which are the first of their kind in India.

Significant Achievements and Initiatives

• Valuation Standards for other asset classes i.e., Plant & Machinery and Land & Building

ICAI RVO has received approval from IBBI to provide certification for the other two asset classes, namely Land & Building and Plant & Machinery in addition to Securities and Financial Assets. In 2018, VSB had issued Valuation Standards on Securities and Financial Assets class. With a focus on enhancing guidance for valuers, the Valuation Standards Board started the process of formulating specific Valuation Standards for asset classes, Land & Building and Plant & Machinery, aiming to provide comprehensive and standardized practices in all three asset categories.

• Representations / Technical Inputs to Government, IBBI, and other Regulators

On the request received from IBBI, the Valuation Standards Board of ICAI prepared Guidelines on Valuation of Assets. These guidelines aimed to identify and document challenges faced, streamline assumptions for comparability, and introduce a tabular format for consistent information among valuers during CIRP process.

• Development of e-learning module/Video Lectures on ICAI Valuation Standards 2018

Video lectures covering a variety of valuation topics are being hosted on the DLH portal of ICAI, exclusively catering to the members. Upon successful completion of the recorded video lecture, members will be eligible for 2 Continuing Professional Education (CPE) hours. This initiative underscores our commitment to providing valuable educational content and ensuring that our members stay abreast of the latest developments in the field of valuation.

• Quarterly e-Newsletter -” Valuation Edge”

The Valuation Standards Board of ICAI had launched quarterly e-Newsletter-” Valuation Edge” which provides essential updates, trends, and best practices in the ever-evolving field of Valuation with a view to ensure that members stay informed of the activities of the Board and the developments in the field of valuation.

• Online Comprehensive Course on Valuation and Valuation Standards for the members of the Institute of Chartered Accountants of Nepal (ICAN)

The Valuation Standards Board, in collaboration with The Institute of Chartered Accountants of Nepal has successfully conducted a Comprehensive Course on Valuation and Valuation Standards, exclusively designed for members of the Institute of Chartered Accountants of Nepal. This 5 days course has been conducted from December 4^th to December 8^th 2023. The Course was attended by more than 300 members of the Institute of Chartered Accountants of Nepal.

• Training Program for SEBI Officials at WIRC of ICAI, BKC, Mumbai

Valuation Standards Board has successfully conducted a training on “Valuation and Financial Modelling” for SEBI Officials in July,2023. The program was addressed by eminent faculties from the field of Valuation and was attended by 37 Officers from SEBI. The session aimed to provide the SEBI officials with the knowledge and skills they need to conduct valuations and financial analysis in a fair, transparent, and professional manner.

• Webinars/Refresher Course/Training programme/Seminars

The Valuation Standards Board organized 40 Webinars and 7 Refresher Course/Training programme/Seminars on Valuation Manthan Session 3-42, Opportunities for CA in Valuation & Valuation under Rule 11 UA of Section 56 of Income tax Act, Business Valuation- Approaches and Methods, Introduction to Valuation and Applicability as per different laws, Valuation-Practical Challenges and solutions, 2 Day Refresher Course on Valuation Standards, Business Valuation- Approaches and Methods etc

• Publication released during the year 2023- 2024

A Publication namely “Judicial Pronouncements in Valuation” is being released every year which is a compilation of Judicial Decisions on Valuation. The Valuation Standards Board of ICAI has brought out third Series of publication titled ‘Judicial Pronouncements in Valuation Series-3’, a compendium of significant case laws in simplified form. This compilation represents a comprehensive and insightful exploration of landmark judicial decisions that have significantly influenced the valuation profession.

6.26 Taxation Audits Quality Review Board (TAQRB)

The Taxation Audits Quality Review Board was constituted by the Institute in the year 2018 in order to improve the reporting of compliances under various taxation laws (both Direct as well as Indirect). It is envisaged that the reviews carried out by the Board, will ensure that the members will exercise greater diligence while certifying the various reports prescribed under direct and indirect taxation and in the long-run would improve the overall reporting and certification done by them.

Activities/Initatives

(I) Status of Review of Tax Audit Reports selected:

Since inception, the Board reviewed various Tax Audit reports and based on the review:

• Advisories are being issued to members to ensure that such mistakes are not committed again.
• Suggestions have been identified to be conveyed to CBDT for changes in the Tax Audit Report e-filing utility.
• Suggestions have been identified which was incorporated in the latest edition of Guidance Note on Tax Audit.
• Commonly found irregularities/ non- compliances committed while furnishing Tax Audit Reports have been identified for the purpose of creating awareness amongst the members.
• Status of Review of Tax Audit Reports selected during the Council Year 2023-24- The Board during the Council Year 2023-24 selected 111 companies for review of their Tax Audit reports (pertaining to AY 2022­23) on suo motto basis.
• Status of Review of Tax Audit Reports selected during the Council Year 2024-25- The Board during the Council Year 2024-25 selected 100 companies for review of their Tax Audit reports Pertaining to AY 2023-24 on suo motto basis and 23 companies additionally selected to which advisories were issued upto 31^st March, 2023. The process of downloading of the annual reports has been commenced and letters are being issued to Statutory auditors requesting for sharing the details of the tax auditors.

(II) Initiatives for the Members

Seminars/Webinars

The Board conducted 14 Seminars on Tax Audit, Common Non-Compliances & Issues in Tax Audit u/s 44AB, Income Tax Audit, Safeguard of Chartered Accountants in Tax Audit & Tax Audit Quality, Discussion on Issues under Tax Audit, Direct Tax and other Tax Matter. The Board conducted 17 webinars from the series- Tax Audit Practice Session to aware the members on the compliances to be followed while conducting Tax Audits i.e Tax Audit Programme, Standards on Auditing Consideration in Tax Audit, Tax Audit Documentation, Commonly Found Irregularities in Form No. 3CD Clauses 1 – 20, 21, 22-31, 32-34, Precautions in uploading Tax Audit Report & GST in Tax Audit, Typical Issues in Tax Audit etc.

(III) Orientation Programme

The Board organised 2 Orientation Programmes for the members of Taxation Audits Quality Review Groups and Technical Reviewers of Taxation Audits Quality Review Board.

(IV) Regular update on Official X (Twitter) Handle of the Board

The official Twitter account of the Board i.e., @Taqrbicai is being regularly updated with its ‘Tax Audit Tips’ series to aware the members about the compliances to be taken care of while conducting and filing the Tax Audit Report.

(V) Publication

To guide the member of the Institute in enhancing and improving the quality of Tax Audits conducted by them, the Board released a publication namely ‘Quick Referencer for Tax Audit under Section 44AB of The Income Tax Act, 1961.’

(VI) Other Activities

Presence of TAQRB was included in ICAI pavilion along with the other regulatory Boards of ICAI e.g., QRB, FRRB, PRB and CAQ in GloPAC 2023 held in Gandhinagar, Gujarat from 24^th – 26^th November 2023.

The “AI in ICAI” Committee is a New Committee which has been formed for the First Time in Council Year 2024-25 and it aims to integrate AI into ICAI operations, enhancing services for members, students, and employees. It promotes AI awareness through digital materials, webinars, and workshops, and engages with AI experts and stakeholders. The committee will identify AI tools, collaborate with startups, and develop an AI research lab. Additionally, it seeks international AI partnerships, explores professional opportunities for members in AI, and incorporates AI tools into educational content for enhanced financial reporting and compliance solutions. The Committee has launched an ICAI CA GPT for Members and Students which provides significant benefits to both members and students by offering quick, AI-driven solutions to complex queries related to accounting, auditing, tax, and compliance. It enhances learning by acting as a study aid for students, offering instant access to key concepts, standards, and regulations. For members, it simplifies research, assists with technical queries, and streamlines decision-making processes. Additionally, it supports real-time problem-solving and helps in staying updated with the latest industry trends, improving both educational and professional outcomes. The Committee has launched a Certificate Course on AI AICA Level 1 which offers several key benefits:

• Foundational AI Knowledge: Provides a strong understanding of AI concepts relevant to accounting and finance.
• Practical AI Applications: Teaches real-world AI use cases.
• Career Advancement: Equips members with in-demand AI skills, enhancing professional opportunities.
• Hands-on Learning: Offers exposure to AI tools and platforms through interactive sessions and case studies.
• Certification: Recognizes participants as AI-proficient, boosting credibility in the profession.

S. No.	Particulars
1	Digital Publication on ChatGPT, Copilot have been published. More such publications are in the pipeline.
2	Committee on AI in ICAI is organizing Webinars, Seminar amd Workshops on AI. A total of 41 events have been conducted thus far.
3	Live Interaction of AI Leaders with RC and Branch Management Committee Members, Overseas Chapters has been conducted by the Committee.
4	ICAI has launched ICAI CA GPT on CA Day 2024 for Members wherein 18 GPTs of various topics of committees/departments are available initially to 7500 Members. Gradually it will be released to all Members.
5	4 Hours Workshop for ICAI Employees-700+ Employees participated in Workshop conducted on 21st March 2024.
6	Expression of Interest for Registration of AI Faculty has been floated and vendors will be onboarded as per process
7	Committee is organizing ICAI AI Innovation Summit 2024 on 16th and 17th July 2024 in Hyderabad.
8	Committee Website ai.icai.org is launched and up and running
9	Twitter Account and WhatsApp channel is Active for Committee
10	Trademark Registration for AI in ICAI is Accepted and advertised.
11	AI Faculty Meet was held on 29th April,2024
12	The May 2024 edition of the ICAI e-journal, which focuses on AI, features 3-4 articles contributed by AI faculty and hackathon participants has been released/
13	Certificate Course on AI for Members will be launched shortly.
14	Conduction of ICAI AI Innovate Challenge for ICAI Employees om 24th May 2024

6.28 Women Members Excellence Committee (WMEC)

As a true partner in nation building, ICAI has setup the Women Members Excellence Committee (erstwhile Women & Young Members Excellence Committee) which is a non-standing Com-mittee of the ICAI formed under regulatory provisions of Chartered Accountants Act, 1949. WMEC especially work towards promoting the fulfilment of Women Member’s potential through capacity building initiatives, skill development activities, providing platform for professional and employment opportunities.

• CA Women Leadership Conclave: The Committee organized the CA Women Leadership Conclave on 29^th June 2024 at Mumbai. The Conclave witnessed a gathering of eminent dignitaries, Professionals and Chartered Accountants, serving as a platform for women professionals to delve into global opportunities, foster knowledge exchange and establish valuable networks with prominent women leaders worldwide. This Conclave is organised in the spirit of the falcon -brave, boundless and beyond. The Conclave was inaugurated by President, ICAI, Past President, ICAI, Chairperson, WMEC, Vice Chairperson, WMEC alongwith Central Council Members of ICAI. More than 500 women Chartered Accountants participated in the Conclave.
• Relaunch of the Women Portal for Flexi & Part-time Work options-The Committee relaunched Women Portal https://wmec.icai.org/ for Flexi & Part-time Work options in the CA Women Leadership Conclave on 29^th June 2024 at Mumbai. This portal enables both employers and job seekers to register, facilitating better job matching and networking. A key feature of the portal is its API integration with the SSP portal, allowing job seekers to complete forms quickly by capturing necessary data from the SSP portal, thus reducing the time required for registration.
• Independent Directors’ Conclave: Women Members Excellence Com-mittee jointly with Corporate Laws & Corporate Governance Committee successfully organised first Independent Directors’ Conclave on 6^th June 2024 in Mumbai on the theme- “Shaping the future of effective Corporate Governance”, a subject paramount to the integrity and sustainability of our corporate landscape. This conclave was inaugurated by Chief Guest-Group CFO & Head Corporate Affairs at the National Stock Exchange of India Limited, President, ICAI, Vice-President, ICAI, Past President of ICAI, Chairperson, WMEC, Vice Chairperson, WMEC alongwith Past Presidents of ICAI. More than 150 Chartered Accountants participated in the Conclave. Second se-ries of Independent Directors’ Conclave organised on 20^th June 2024 in Ahmedabad. This conclave was inaugurated by Chief Guest- Regional Director (NWR), Ministry of Corporate Affairs, Immediate Past President, ICAI, Past President of ICAI, Chairperson, WMEC, Central Council Member alongwith Past Presidents of ICAI. More than 150 Chartered Accountants participated in the Conclave.
• ….. An IDOL- Inclusivity| Diversity| Outstanding| Leadership Webinar Se-ries: The Committee organised 15 webinars till 30^th June 2024 under its Wednesday Series of “यशस्विनी – An IDOL- Inclusivity | Diversity | Outstanding | Leader-ship”. The sessions were taken up by eminent Speakers on pertinent technical as well as non-technical topics. It is one of the Committee’s initiatives to not only disseminate information to its members on technical updation and non-technical skills but also to empower and inspire them to come at forefront and realise their verbal skills at public forum. The sessions covered were Current trends in Internal Audit Practices & Opportunities, Be the Change, Internal Audits in BFSI sector, Role of Internal Auditor in Sustainability & Professional Opportunities, Recent Developments and issues in TDS/ TCS, Report Writing-An Art, Section 43B(h) of Income Tax Act – Tax & Ac-counting Issues, Key Messages for Fiscal 2024, Disclosure of Foreign Assets and Foreign Income in Income tax Return & Audit your Organisation – IT Infrastructure (Devices, Policies and Proce-dures), Voluntary Dissolution under IBC 2016 and Performance Management & Appraisal – What, Why & How, Old Tax regime vs. New Tax regime and Issues in Presumptive Taxation, Cyber Security & Data Protection etc. The opportunities were provided to women member to coordinate the programs as well.
• CA Women Excellence Awards: The Committee organised the first ever CA Women Excellence Awards in December 2023 to acknowledge, recognize, and reward the indis-pensable contribution of women members in various professional arenas viz. CA Woman in Social service, CA Woman Value creator, CA Woman Independent Director, CA Woman of the year, CA Woman Start up and CA Woman Lifetime Achievement award. CA Women Excellence Awards were conferred for the first time in the history of the Institute and not only raised awareness and gave recognition but also acknowledged the hard work & valuable work of women members con-tributing to different sectors. Encouraging response was received from almost 100 women members from across India who were nominated in different categories. A befitting award ceremony was held at NSE premises, BKC Mumbai wherein Chief guest Mr. Ashish Chauhan, Managing Director (MD) and Chief Executive Officer (CEO) of the National Stock Exchange of India handed over the trophies to the winners in each category.
• SAFA Women Leadership Awards 2024: The Committee contributed in the SAFA Women Leadership Awards 2024 by popularising the same for maximum participation amongst the women members, reviewing the nominations received and shortlisting the most de-serving candidates in various award categories as per the evaluation parameters received from SA-FA.
• Placement Programme for Flexi-time/ Part-time/ Work from Home Job Oppor-tunities for Women Chartered Accountants: The Committee organised placement drive jointly with Committee for Members in Industry & Business for experienced women Chartered Accountants who want to work on a flexi-time/part-time/ work from home basis. The facilitation covered flexi-time/ part-time/work-from-home options and was an excellent opportunity for wom-en members not holding full-time COP and having standing of more than 1 year, to explore job op-portunities as per their ease and comfortability. This drive was virtually held at 14 campus centres, 1749 women candidates & 20 organizations registered across India. 257 vacancies for Flexi-time/Part-time/Work from Home job options across India offered by the organizations. Virtual ori-entation program organised to equip women members with necessary interview/selection skills pri-or to actual interview dates

• Seminar on Sustainability and Women leadership: The Committee organised a Seminar on Sustainability and Women leadership on 20th December 2023 hosted by WIRC of ICAI at Mumbai wherein a parallel session on “Novel Opportunities in Practice, Industry, Start Ups, Success Stories – Interaction with CA Leaders in Industry” was organised for the benefit of women members. The eminent speakers of the session included Former Executive Director (F&A) & CFO at Life Insurance Corporation of India, Chief Business Officer for a Singapore CPaaS Company- vCloudx Pte. Ltd. (io), and President of Institute of Internal Auditors (IIA) – Bom-bay Chapter.
• Sky High Symposium & Youth Excellence Symposium webinars: Sky High Symposium webinars were Wednesday series of programs conducted by the Committee for women members of the Institute. It was one of the Committee’s initiatives to not only disseminate information to members on technical updation and non-technical skills but also to empower and inspire them to come at forefront and realise their verbal skills at public forum. The Committee organised Youth Excellence Symposium webinars on Friday’s for young members of the Institute to support and guide them in their professional growth and to increase acumen of young members with the latest developments in the profession. Around 80 programs under Sky High Sym-posium and Youth Excellence Symposium virtual weekly series had been organised, wherein oppor-tunity were provided to about 150 women/young members to become speakers on technical/non-technical topics and over 250 women/young members to become coordinators in the program.
• Residential Refresher Courses (RRCs):The Committee organized 7 Res-idential Refresher Courses (RRCs) for capacity building, upskilling, networking and excellence of Members.
• Virtual Series on Unleash Your Poten-tial…Learn-Upskill-Excel: The Committee organised a Virtual Series on Unleash Your Potential…Learn-Upskill-Excel. This series was one of Committee’s initiatives to augment the knowledge and overall confidence building of the members presently working in In-dustry/Corporate aiming to switch to practice, members who are on career break but want to re-sume their professional career or members aiming to widen their area of expertise in respective pro-fessional domains. This series was helpful for members at large in enriching their knowledge & overall confidence building by keeping them abreast with the latest amendments in diverse fields. 9 programs organised under this series covering Direct Tax & Indirect Tax modules.
• Celebration of 75^th Year of ICAI Activity: The Committee organised webinar on the theme “ICAI Champions Women’s Excellence” on 25^th October, 2023 and “Unlocking New Age Opportunities” on 8th December, 2023 which were live telecasted across various RC’s, Branches and Overseas Chapters. Eminent speakers including Group CFO, Narayana Health, and an FCA were invited to the programs to deliberate on the pertinent topics.
• International Women’s day Celebration: To commemorate International Women’s Day i.e. 8^th March, 2024, the Women Members Excellence Committee undertook following activities.

➣ Video bytes of President ICAI, Vice President ICAI, Chairperson, WMEC and Vice- Chairperson, WMEC were recorded and up-loaded on social media platforms, Committee page & women portal, as per norms, for moti-vating and inspiring women members across the country.

➣ Celebration message to all women members on the occasion of International Women’s Day, March 8, 2024, to acknowledge their privilege and contributions.

➣ Designed and shared an in-formative social media creative on social media platforms of the Institute and the Women Members Excellence Committee to publicize and promote ICAI’s initiatives towards women members’ excel-lence.

➣ 74 branches conducted Women Empowerment programme under the aegis of WMEC.

• National Women Conference- The Committee organised two National Women Conferences wherein topics covered were- Understanding Laws – relating to harassment & assaults at work, Exploring the Unique Strengths of Women Leaders, Breaking Barriers: Strat-egies for Advancing in Male-Dominated Industries, From Employee to Entrepreneur–Navigating the Shift, The Evolution of Teamwork: Trends & Challenges in the Digital Era, Employment Rights: Addressing Page 5 Discrimination, Harassment & Workplace Issues, Understanding Cervical Cancer : Causes, Risk Factor & Symptoms, Integrating work & Life Balance, Personal well-ness & Self Care, Opportunities for CA in Sustainability-A Road Map, AI Empowerment for MSME Growth, Panel Discussion-Learning From Leaders – Cultivating Leadership Skills – Corporate Life Lessons, – Use of Social Media etc.

• Training program on HR Strategies & Relationship Management: The Committee organised Networking program & 2 days “Training program on HR Strategies & Relationship Management” at Mumbai on 7^th & 8th July 2023. The objective of these events was to encourage and motivate women members looking for career as entrepreneur or in HR strategies & relationship management for serving CA firms/Corporates/SME’s or looking to strengthen the HR function of their own offices. Topics such as Overview of Recruitment process, Training & Development, Human Resource planning, Perfor-mance Management System and Ways of Networking etc. were covered during the said pro-gram.
• Youth Excellence Conclave: The Committee organised Youth Excellence Conclave on 15^th July 2023 at Mumbai. The purpose of this program was to acknowledge the contribution of Young CA’s in furthering the profession and to augment the knowledge and skill of Young Chartered Accountants in emerging professional arenas. Apart from Women Empowerment program during the month of March 2024, the Committee also organised 19 physical programs/events on Work Life Balance for Women Professionals- Balancing Professional and Personal Life, Professional opportunities for women members, Exploring the Unique Strengths of Women Leaders, From Employee to Entrepreneur – Navigating the Shift, Physical and Mental Well-being, Grooming Skills, Opportunities for Woman CA, Exceptional Etiquettes for Professionals, Panel Discussion on Opportunities to Women CAs in Banking Sector, Professional Health Hygiene and Hap-piness for Women Professional setc

6.29 Committee on MSME & Start-up

The Committee on MSME and Startup is a non-standing committee of the ICAI, established to ad-dress the critical needs of the MSME and Startup sectors in India. Its primary objective is to enhance capacity through the development of sustainable frameworks tailored specifically for these sectors. By focusing on training, advocacy, and policy recommendations, the committee aims to bolster the growth and resilience of Indian MSMEs and startups, thereby fostering a conducive environment for entrepreneurship and economic development.

(I) Initiatives

ICAI Startup Gateway

To enhance the capacity building measures of Startups, the Institute of Chartered Accountants of India (ICAI)through the Committee on MSME & Start-up launched various initiatives on Start-up.

• ICAI Startup Manthan & Samvad

Committee on MSME & Startup along with the Committee for Development of International Trade, Services & WTO (CDITSWTO) organised the ICAI Startup Manthan & Samvad platform that bring leading innovators, startups, incubators, academies, and investors from the Startup ecosystem under one roof. Approx 100 branches has conducted ICAI Startup Manthan & Samvad during the said period.

• Startup Sphere 2023

A magnificent event was organised for Start-up community titled Start-up Sphere, aimed to foster innovation, collaboration, and entrepreneurship within the local startup ecosystem. The event took place at the World Jio Centre in Mumbai on 27^th to 28^th June, 2023. This highly anticipated event brought together the startup communi-ty, partners, unicorns, influencers, founders, investors, leaders, and entrepreneurs to discuss a wide range of topics related to startups was witnessed by 7000 attendees from all over the Country. The event comprised of series of sessions by over 120 industry specialists who are enthusiastic about empowering entrepreneurs. Around 60 Startups were offered the opportunity to pitch their unique ideas at Investors pitch which brought Investors and Investees face to face. More than 20 mega Ven-ture funds participated in the event to invest in the most innovative ideas. 150 startups participated as exhibitors and seized the opportunity to connect with a diverse community of like-minded indi-viduals, fellow entrepreneurs, angel investors, venture capitalists, and potential partners.

• Start-up portal i.e., https://startup.icai.org/

The Committee has launched a dedicated portal https://startup.icai.org/ to facilitate various exchange services within the constituents namely – Startups, Chartered Accountants (Business consultants), Mentors, Venture Capitalist and Incubation Centres. The features of the Web portal includes Mentors for providing mentoring services to the startups and their empanelment on our portal, Ventures Capitalist for providing financing services to the startups and their empanelment on our portal, Member of ICAI as a business consultant to pro-vide various business consultancy services like Corporate Laws, Valuation, Indirect Tax etc. to the startup registered with ICAI, Expression of interest to associate with ICAI startup ecosystem, Startup success stories of Chartered Accountants to motivate and encourage other members to join the league and many more features with regard to Start-up ecosystem. Approx 100 Startups, 65 Inves-tors and 232 mentors are registered on Startup portal.

• Start-up Incubation Centres

Taking the journey forward to develop the startup ecosystem within ICAI, we have initiated the Startup Incubation Centres to facilitate start up ideas towards fostering the enterprising spirit and abilities of the Chartered Accountants. There are 10 Startup Incubation Centres at various cities established by ICAI.

• Certificate course on Startup

The Committee is conducting the Certificate Course on Startup is in-tended to equip Chartered Accountants to provide professional services as well as entering into Startup space themselves; to help achieve the national objectives. The Certificate course makes the Members of ICAI to be a business solution provider for Startup Sector. Approx 800 members partici-pated in certification course on Startup.

• Startup Summit

The Committee on MSME and Start-up organised a Startup Summit Program on 8th October 2022 at Hotel Shangri-La Eros, New Delhi. Start-up Summit where the Members of ICAI participated along with the community of start-ups, partners, Influencers, Found-ers, Investors and Entrepreneurs discussed on How VCs think + Skill of preparing Pitch Deck for In-vestors, Startup – Idea Generation to MVP, Startup India Scheme & its benefits & Valuation in Startups along with the 2 minute Idea Pitch with Angle Investors, future of start-ups, venture cap-ital, artificial intelligence, fintech, and other aspects of Startups. Approx 250 participants physically participated in the said summit.

• Startup Sphere 2024

Committee on MSME & Startup jointly with Development of International Trade, Services & WTO Directorate & Committee for Members in Industry & Business organized a Mega Startup Sphere event on the theme “Startup Synergy: Collabo-rate, Create, Conquer” from 27^th June 2024 to 29^th June 2024 at Karna-taka Trade Promotion Organization (KTPO), Bengaluru. These three days event covered Government ecosystem, source of findings, new avenues, valuation, digital marketing along with celebration of International MSME Day and various concurrent sessions on the contemporary issues of MSME and Startups including Export Entrepreneurship along with Exhibitions from eminent startups. The event showcased the role of ICAI in capacity building and encouraging stakeholders in startup ecosystem as main contributors in Viksit Bharat. Startup Sphere 2024 aimed to bring together the startup community, partners, unicorns, influencers, founders, investors, leaders, and entrepreneurs to dis-cuss a wide range of topics related to startups at a common platform. Some of the key themes that was covered in the program include governmental support for startups, alternative sources of fund-ing such as revenue financing, debt and hedging, new avenues in startups, the art and science of startup valuation, term sheets, shareholders agreements, legal documents, and key clauses.

The event witnessed the presence of founders/CFOs/senior man-agement from 15 unicorns including Zetwerk, Open technologies, CRED, CoinDCX, Swiggy, Cardekho, Myntra, Perfios, Leadsquared, Zepto and many more. Founding Chancellor of Rishihood University & Former Union Minister and Co-Founder and CMO, boAt Lifestyle also graced the program. The event attracted potential investors while keeping participants informed about the lat-est trends and innovations in the dynamic startup ecosystem. There were sessions on fundraising, pathways to become a unicorn, and how to become an angel investor or venture capitalist and digi-tal marketing for startup growth and opportunities in Web 3.0. The event was inaugurated by Vice-President, ICAI; Immediate Past President, ICAI; in presence of Past President, ICAI, Chairman, Committee on MSME & Startup, Vice Chairman, Committee on MSME & Startup, Gov-ernment Nominee, Central Council Members and Regional Council Members of ICAI.

Promoting the vision of Atmanirbhar Bharat, ICAI MSME and Startup Yatra were also inaugurated. The Yatra bus will travel to 100 cities in 100 days, showcasing the di-verse endeavours of the MSME and startup ecosystems. With a dedicated focus on the ‘Financial & Tax Literacy Drive’ the Yatra aims to enhance financial and tax literacy and build capacity among MSMEs and startups. Additionally, the event will host panel discussions on critical topics, in-cluding thriving in the government ecosystem for startups, nurturing the startup ecosystem for Bha-rat 2.0, and cultivating astonishing success. Startup Sphere 2024 stands as a testament to ICAI’s commitment to fostering innovation and entrepreneurship in India. By convening the brightest minds and influential players in the startup ecosystem, ICAI creates an environment that fosters col-laboration, nurtures ideas, and accelerates the growth of startups nationwide. Positioned as a cor-nerstone for future advancements in the startup landscape, the event significantly contributes to India’s economic and technological progress. Supported by Startup India, Startup Karnataka, MeitY Startup Hub, STPI (Software Technology Park of India), and I-Hub, Startup Sphere provides a unique platform for startups to connect with peers, industry experts, and potential investors, while explor-ing the latest trends and innovations.

• International MSME Day

Committee on MSME and Start-up organized a series of programmes focussing on the various needs of MSMEs of India and role played by the CA fraternity in bridging those needs of MSMEs on the International MSME Day on 27^th June, 2024 through ICAI Startup Sphere 2024

(II) ICAI MSME Ecosystem

To enhance the capacity building measures of MSMEs, the Institute of Chartered Accountants of India (ICAI) through the Committee on MSME & Start-up arranged various initiatives pertaining to the MSME Ecosystem.

• ICAI MSME Connect & Niryat & Sahayog

The Institute of Chartered Accountants of India through the Com-mittee on MSME & Startup organised ICAI MSME Connect & Niryat & Sahayog Pro-gramme in 140 cities across India from 20^th October 2023 to 10^th Febru-ary 2024

• ICAI MSME Yatra

The ICAI MSME Yatra an initiative to support, facilitate and respond to MSME Needs was flagged of on 18^th August 2022 from Mumbai. The initiative as-pires to promote the spirit of entrepreneurship amongst MSMEs as well as support MSMEs in en-hancing their portfolio and by spreading the awareness about the various State and Central Gov-ernment Schemes, Subsidies, and Incentives available thereof. The MSME Yatra, since its launch cov-ered more than 80 cities in the states of Maharashtra, Gujarat, Madhya Pradesh, Rajasthan, Punjab, Haryana, Himachal Pradesh, Jammu & Kashmir, Uttarakhand, Uttar Pradesh, Bihar, Assam, West Bengal, Jharkhand, Odisha, Chhattisgarh, Andhra Pradesh, Telengana, Tamil Nadu, Kerala, Kar-nataka & Goa. Approx. one lakh Udyam registration increase during Yatra period.

• ICAI MSME Setu/ Saathi Programme: Transformation of MSMEs through ICAI MSME Ecosystem

The program focuses on the strengths of each district, identifies un-manageable fruits for improvement, and measures progress with the aid of Convergence of the Government Schemes & Co-operation of the MSMEs by supporting their needs through ICAI MSME Ecosystem. The various districts of the states such as Maharashtra, Gujarat, Madhya Pra-desh, Rajasthan, Punjab, Haryana, Himachal Pradesh, Jammu & Kashmir, Uttarakhand, Uttar Pradesh, Bihar, Assam, West Bengal, Jharkhand, Odisha, Chhattisgarh, Andhra Pradesh, Telengana, Tamil Nadu, Kerala, Karnataka & Goa is covered during the ICAI MSME Setu.

• MSME Exchange

MSME Exchange is conceptualized to facilitate a robust platform for value creation in various dimensions vital for the development and sustainability of MSMEs. The platform offers excellent networking, knowledge sharing, skill development, query resolution oppor-tunities and expert guidance to the constituents of the MSME ecosystem.

• CA Services Exchange

CA Service Exchange is a platform through which any Indian MSME can register with the ICAI MSME ECOSYTEM and search from an array of expert services offered by Chartered Accountants.

• MSME Helpdesk

The Branches and Regional Councils which are extended wings of ICAI would facilitate the MSME HELP DESK in branch premises where dedicated experts (qualified and experienced Chartered Accountants) will address the issues of local MSME cluster.

• MSME Illumination

MSME Illumination program was organized wherein the common issues faced by the MSME addressed by the Experts. The MSME can participate in these programs to interact with the experts seeking expert advice.

• ICAI MSME Portal i.e https://msme.icai.org/

The Committee has a dedicated portal to providing an enabled eco-system for networking, knowledge sharing, query resolution mechanism and exchange of services where any MSME can benefit from the expertise of the Chartered Accountants. There are 334 MSMEs registered on the portal.

• Certificate course on MSME

The Committee conducted the Certificate Course on MSME intended to equip Chartered Accountants to provide professional services as well as entering into MSME space themselves; to achieve the national objectives. The Certificate course makes the Members of ICAI to be business solution providers for MSME Sector. Approx 1700 members appeared for Certificate Course on MSME.

• ICAI MSME & Startup Yatra 2024

The Committee is organizing the “ICAI MSME & Startup Yatra” jointly with Financial and Tax Literacy Directorate which was inaugurated by President ,ICAI and Co-founder of Boat on 27^th June , 2024 .The yatra was flagged of from KTPO, Bengaluru on 29^th June 2024 and will travel till 7^th October, 2024, which is journey by road across states to make people aware about various schemes of Central and State Govern-ment for MSMEs & Startups and various opportunities thereof. The ICAI MSME & Startup Yatra will be for about 19000 Kms to make people aware about various Government Schemes de-vised for MSMEs & Startups like past year MSME Yatra 2022 . This campaign is started with the theme “Financial & Tax literacy” as part of “Hamara Sankalp Viksit Bharat” campaign of the In-stitute of Chartered Accountants of India. The MSME & Startup Yatra @100 days 100 Programs 100 Cities focuses on how MSMEs & Startups prepare for sustainable Indian Enterprise ecosys-tem and is a step towards contributing in “Financial Tax & Literacy”.

The costing of vehicle as provided by vendor in financial bid is Rs. 3149850/- which is expected to be covered from sponsorship from last time sponsors like SBI, SIDBI etc.

(III) MOUs

• MoU with IIM Lucknow Enterprise Incubation Centre, Noida, Gujarat Student Startup, and Innovation Hub (I-Hub) & BIL-RYERSON Technology Startup Incubator Founda-tion, AIC-Nalanda Institute of Technology Foundation, Bhubaneswar, Odisha, AIC Mahamana Foun-dation for Innovation and Entrepreneurship IM BHU, Varanasi for Capacity Building of Startups through ICAI Startup Gateway

The Institute of Chartered Accountants of India through the Com-mittee on MSME & Startup has signed the MoU with IIM Lucknow Enterprise Incubation Cen-tre, Noida, Gujarat Student Startup and Innovation Hub (i-Hub) , BIL-RYERSON Technology Startup Incubator Foundation, AIC-Nalanda Institute of Technology Foundation, Bhubaneswar, Odisha, AIC Mahamana Foundation for Innovation and Entrepreneurship IM BHU, Varansi, to develop an end-to-end innovation and entrepreneurial ecosystem in the State of Uttar Pradesh, Gujarat & Ma-harashtra by creating pathways from “Mind-to-Market”. The said arrangement aims to promote startups and support the government of India’s vision for entrepreneurship development, innova-tion culture and mutual integration of Startup Ecosystem.

• MOU with the autonomous agency Facilitating MSMEs Government of Tamil Nadu for Capacity Building of MSMEs through ICAI MSME Ecosystem

The Institute of Chartered Accountants of India through the Com-mittee on MSME & Startup has signed an MOU with the autonomous agency Facilitating MSMEs Government of Tamil Nadu at Tirupur for the capacity building in the state of Tamil Na-du.

• MOU with the Government of Kerala through the intervention of the Direc-torate of Industries and Commerce and Various Boards and Undertakings thereunder for Capacity Building of MSMEs through ICAI MSME Ecosystem in the State of Kerala

The Institute of Chartered Accountants of India through the Com-mittee on MSME & Startup has signed an MOU with the Government of Kerala through the in-tervention of the Directorate of Industries and Commerce and Various Boards and Undertakings thereunder at Ernakulum on 01.04.2023 for the capacity building through ICAI MSME Ecosystem in the state of Kerala.

• MOU with the Government of Odisha through the intervention of the Micro, Small & Medium Enterprises Department for Capacity Building of MSMEs through ICAI MSME Ecosystem in the State of Odisha

The Institute of Chartered Accountants of India through the Com-mittee on MSME & Startup has signed an MOU with the Government of Odisha through the Micro, Small & Medium Enterprises Department at Bhubaneswar for the capacity building in the state of Odisha.

• MOUs with the State Governments for Capacity Building of MSMEs in the direc-tion of Atmanirbhar Bharat

The Committee has carried out the Capacity Building of MSMEs though the Signing of MOUs of ICAI with the State Government Concerned with the objective of Encouraging exchange of information and experiences in policy setting and research on the devel-opment of MSMEs in areas of mutual interest; To provide the knowledge base endeavours for Ca-pacity Building of MSMEs in the State specific; Stimulating the development of industrial potential surveys and feasibility studies to identify thrust areas and opportunities for development of MSMEs in the State specific; Providing MSME Exchange Programme i.e. MSME Help Desk, MSME Illumina-tion & CA Exchange services for MSMEs in the State specific; Any other endeavour for Devel-opment of MSMEs in areas of mutual interest;

• MOUs with the Universities, IIMs, IITs, State Governments, various departments of Central Government, State Government, organizations of repute, and other enti-ties.

The Committee facilitate the Incubation centres & gearing up for proposed tie up with Universities, IIMs, IITs, State Governments, various departments of Central Government, State Government, organisations of repute, and other entities for the facilitating of the same.

(IV) Other Initiatives

• State Specific Books on MSME

The Committee has released the state specific Books on MSME. These book focus on MSME Schemes, Industrial Schemes relevant for MSMES, Incentives available in vari-ous Schemes, Subsidies available in various schemes, Schemes in various clusters across the specific state. The said book includes insights to budding entrepreneurs to help new and established firms to infuse entrepreneurial intentions in the specific state as well as opportunities available for CAs in the specific state.

• State Specific Refresher Course on MSME

The Committee has organized the state specific Refresher Course on MSME. The said course enhanced the knowledge base of state specific MSME.

• ICAI MSME Yatra & Setu in Asia Books of Records

The Asia Book of Records awarded for covering MSME Programs in the Maximum number of Cities. ICAI MSME Yatra & Setu was set up by the Committee on MSME & Startup and Committee for Development of International Trade. The Institute con-ducted a nationwide ‘ICAI MSME SETU’ AND ‘ICAI MSME YATRA’ under the backdrop of ‘Azadi Ka Amrit Mahotsav’. The said program is jointly organized by the Committee on MSME & Startup, ICAI and Committee for Development of International Trade, Services & WTO.

(V) Programs/Webinars

The Committee has organized various Programs for the Members of ICAI/ MSMEs/Startups such as Workshops, Seminars, Conferences, Residential Refresher Course & other programs.The Com-mittee conducted 20 various activities for the upskilling, technical & professional development, and capacity building of MSME’s and Startups i.e Decoding Section 43B(h) – Implications and Reme-dies, Secured & Unsecured Loans to MSME, BRSR- The Growth path for MSME & Char-tered Accountants, Opportunities for CAs in Startups, MSME-Start up ecosystem, Challenges & Opportunities for professionals, “MSME SAARANSH Including Critical Taxation and Financial Aspects of MSME”, GST, Customs & Trade Issues concerning MSME and cross border Opportunities etc.

6.30 COMMITTEE FOR AGGREGATION OF CA FIRMS

The Committee for Aggregation of CA Firms has been constituted with the vision to make concerted efforts in reviewing and revising various guidelines pertaining to firms, viz., Domestic and Overseas Networking, Merger & Demerger , MDP , Management Consultancy Services (MCS) in corpo-rate form for attest & non-attest functions among others in cognizance with the current oper-ating environment. The aim is to provide ease of doing practice and facilitate the Indian CA Firms grow bigger. The 1^st meeting of the Committee was held on 1^st March 2024.

6.31 PROFESSIONAL’S SKILL ENRICHMENT COMMITTEE

In a first of its kind initiative, the Institute of Chartered Accountants of India has set up the Profes-sionals Skills Enrichment Committee with an aim to enable all Chartered Accountants to realise their complete potential, to Understand requirements, Assess the present skills gap amongst all Chartered accountants and enable actions to enhance their competence and improve their visibility amongst the stakeholders.

The Professional Skills Enrichment Committee proposes to organize Skills Enrichment Programmes during the year 2024-25. The key skills proposed to be covered are Branding skills, Communication skills, Critical thinking skills, Design Thinking, Emotional Intelligence, Entrepreneurial Skills, Inter-personal skills, Leadership skills, Listening Skills, Negotiation skills, Networking skills, Problem Solving skills, Public speaking skills, Team Building skills, Time Management, Work Ethics any other skill and new age, contemporary & other professional, technical and technological skills. The aforesaid programmes emphasis is on enriching skill sets of the Chartered Accountants.

Initiatives of the Professional Skills Enrichment Committee (PSEC), ICAI

• PSEC@100- An Interactive Workshop Series focused on Skills Enrichment for the Members of ICAI:

It is a platform, wherein Members of ICAI are encouraged to get involved, say what they’re thinking, and contribute to the Workshop series. It is a structured program held three days a week, each lasting one and a half hours, designed to enhance professional skills and knowledge among Char-tered Accountants.

This initiative is part of our ongoing commitment to professional development, aiming to equip our members with the latest tools and techniques essential for staying ahead in the dynamic field of ac-counting and finance. The workshop series offers hands-on training sessions led by experts/faculties, covering a wide range of topics such as Public speaking , communication skills and many more on soft skills.

Through these interactive sessions, members will have the opportunity to enhance their skills, en-gage in meaningful discussions, and network with peers, all within a collaborative and supportive environment.

• Webcast Series on various aspects of Skills Enrichment of Chartered Account-ants:

This webcast series takes a deep dive into the Skills Enrichment of Chartered Accountants. Through-out the webcast series, we will take a deep dive into the various aspects of by discussing a broad range of Skills, aiming to enhance the portfolio of Chartered Accountants.

Engaging webcast sessions scheduled every Saturday, totalling five sessions per month, 10 webcasts each during the World Youth Skills Day in the month of July, 2024 & Skills Enrichment month in August, 2024 offering 2 CPE (Continuing Professional Education) hours per session, covering crucial topics to support career advancement.

This series will cover a broad spectrum of topics crucial for enhancing both technical and soft skills, including emerging financial planning skills, leadership development and so on . Delivered by speak-ers/faculties, these webcasts provide a flexible and accessible platform for continuous learning. Par-ticipants will gain insights into the latest industry trends, acquire new competencies, and engage in interactive sessions that encourage practical application and discussion. This initiative underscores our commitment to supporting Chartered Accountants in their pursuit of excellence and career growth.

• Enriching Entrepreneur Skills Program for Chartered Accountants:

Around 100 physical Programmes Conducted on Entrepreneurial Skills for Chartered Accountants on 26th & 27th June 2024, providing participants with practical insights and strategies for busi-ness innovation and leadership development. By expanding the horizon of Entrepreneurship, we pave the way for Skills Enrichment of Chartered Accountants ready to enter into the Entrepreneur-ship Ecosystem.

These programs specially designed for Chartered Accountants who aspire to expand their entrepre-neurial capabilities. This program is tailored to empower members with the essential skills and knowledge required to excel in the dynamic world of business and entrepreneurship. Covering key areas such as strategic planning, financial management, innovation, and leadership skills, the pro-gram offers a comprehensive approach to developing the entrepreneurial mindset.

Through interactive workshops, real-world case studies, and mentorship from successful entrepre-neurs, participants will gain practical insights and tools to confidently navigate the challenges of starting and growing a business. This initiative reflects our commitment to fostering a culture of in-novation and entrepreneurship among Chartered Accountants, enabling them to become not just financial experts, but also successful business leaders.

• Yoga Session for Chartered Accountants:

A new initiative aimed at enhancing your overall well-being and productivity, the Virtual Yoga Ses-sions will arranged for Chartered Accounts. We aim to Reduce Stress, Improve Flexibility and Strength, Enhance Concentration, Boost Immunity & Promote Work-Life Balance through these virtual Yoga Sessions. Our yoga sessions will be suitable for all levels, from beginners to advanced practitioners. These yoga sessions will be beneficial for Chartered Accountants either new to yoga or seasoned yogi.

This session is tailored to help participants manage stress, improve concentration, and enhance overall health through the practice of yoga. Led by experienced instructors, the session will cover a variety of yoga techniques, including mindfulness exercises, breathing practices, and poses that are particularly beneficial for those who spend long hours in a sedentary work environment.

By integrating yoga into their routine, Chartered Accountants can achieve better work-life balance, increase their productivity, and maintain a healthier lifestyle. This initiative is part of our commitment to supporting the holistic

well-being of our members, ensuring they are not only successful in their careers but also in their personal lives.

• Publication of the Committee:

A series of books naming “Beyond the Numbers: Work-Life Balance for Chartered Accountants” in-cludes Work-Life Balance and Life Quality, Checking Your Balance, Quality of Work Life etc, “Active Listening” explores Importance, Principles, Strategies for mastering of Active Listening, “Critical Thinking & Decision Making” mentioning Problem-Solving Process, Analytical Skills, Creativity in Problem Solving, Decision Making etc, “Emotional Intelligence for Finance Professionals” includes Self-Awareness, Techniques for Self-Discipline, Emotional Intelligence in the Workplace, Practical Ap-plications etc, “The Art of Public Speaking” explores the Power and Impact of Public Speaking, Con-quering Fear and Nervousness, Structuring Your Speech, Body Language and Nonverbal Communi-cation etc, “Unlocking Value: the Art of Negotiation” book explores types of Negotiators, Getting Ready to Negotiate, Negotiation Tactics, Predicting How the Other Side Will React etc , “ Entrepre-neurship Skills” includes Analytical Rigor. Critical analytical thinking, Entrepreneurial Spirit, Ethical Leadership, Global Vision that reflect our collective knowledge, expertise, and dedication to advanc-ing our field.

These works are the result of extensive research and collaboration among our members, who bring a diverse range of perspectives and experiences to each project. Through these publications, we aim to contribute valuable insights, foster academic and professional discourse, and provide resources that support ongoing learning and development within our community. Each book is meticulously crafted to ensure it meets the highest standards of quality, making it a trusted reference for both current and future generations.

7. DEVELOPMENT OF INTERNATIONAL TRADE, SERVICES AND WTO DIRECTORATE (DITS & WTO) (under International Affairs Committee)

Development of International Trade, Services & WTO Directorate formerly known as the Com-mittee for Development of International Trade, Services & WTO of ICAI aims at promoting bilat-eral investments in order to align with PM Modi’s vision and spotlighting accounting and finance as crucial export services to be vital amidst global services trade and India’s expanding FTAs. This em-phasis offered Chartered Accountants diverse opportunities, evident in ICAI’s global footprint, show-casing their international reach. Beyond branding, the Directorate aided trade navigation, fosters expertise, connects professionals, and influences policy. Its role extends to provide a robust global networking platform, vital for India’s aim to elevate Accountancy within WTO guidelines. Through collaboration and expertise, the Directorate advanced CAs’ interests, contributing significantly to India’s global trade aspiration.

(I) Initiatives towards Partner in Nation Building

Under the aegis of the Directorate of ICAI to pave a long way in promoting accounting and finance services globally; we aim to significantly advance the promotion of accounting and finance services on a global scale. This endeavor will not only open up new avenues for our members to provide a broader spectrum of services in these regions but also enable us to capitalize on various governmen-tal incentives through strategic Memorandums of Understanding (MoUs).

• MoU (extension) signed with Export Promotion Council for EOU & SEZ (EPCES) on October 25, 2023-Renewal of Memorandums of Understanding (MOU) be-tween the Export Promotion Council for EOU & SEZ (EPCES) and the Institute of Chartered Ac-countants of India (ICAI) occurred on October 25, 2023, in New Delhi. This reaffirmation under-scores a dedication to promoting increased collaboration, innovation, and shared progress. The harmonious partnership between these entities has not only facilitated the refinement of financial reporting and auditing practices in EOUs and SEZs but has also played a pivotal role in enhancing the overall business environment in India.
• MOU signed with International Financial Services Centres Authority (IFSCA) on 24^th November, 2023-Signing Ceremony for MOU between The Institute of Chartered Accountants of India (ICAI) and the International Financial Services Centres Authority (IFSCA) took place at the GloPac 2023 Event in Ahmedabad on November 24, 2023.
• Recognition of Specific Financial Services under the International Financial Ser-vices Centres Authority Act, 2019- The ICAI proposal to IFSCA was accepted by Govern-ment of India wherein Ministry of Finance (Department of Economic Affairs) (financial market divi-sion) issued notification dated 18^th January, 2024 under section 3 of the International Financial Services Centres Authority Act, 2019 (50 of 2019) regarding the recognition of specific fi-nancial services in the definition of Financial services:

➣ Book-keeping Services

➣ Accounting Services

➣ Taxation Services

➣ Financial Crime Compliance Services

This landmark decision by IFSCA highlights the evolving outlook of financial services and acknowl-edges the vital role played by accounting, bookkeeping, taxation, and financial crime compliance in development of a robust and transparent financial ecosystem within the International Financial Ser-vices Centres (IFSCs) in India.

Supporting and assisting Government

• Meeting with IAS, Director (DEA) on Proposal to notify Accounting, Auditing, Book-keeping, Taxation and Financial Crime Compliance services as “Financial Services” under IFSCA Act 2019 on 16^th June 2023.
• Meeting with Director General & CEO, Federation of Indian Export Organisations on 9^th August,2023 and discussed tentative areas of collaboration between two organi-zations.
• Meeting with IAS, Chairman, IFSCA on 18^th August, 2023 for scope of pro-posed MOU and Joint Study on Accounting & Finance Services.
• Meeting with Jt. Secretary, Ministry of Commerce & Industry and key representa-tives including Chairman, Vice-Chairman and Central Council Member, erstwhile Committee for De-velopment of International Trade, Services & WTO on 28^th August, 2023 to dis-cuss the intricacies in India-UK FTA.
• Meeting with Joint Secretary, MOCI held on 9^th November,2023 on India’s revised formulation in accountancy, bookkeeping and auditing services under Mode 3 for UK FTA and on 18^th December,2023 on roadmap for implementation of India- Australia ECTA.
• Meeting with Economic Advisor, Department of Commerce, Ministry of Commerce and Industry on 1^st March, 2024 for Recognition of The Institute of Chartered Accountants of India as a Eligible Agency under Market Access Initiatives (MAI) Scheme 2021-Accounting & Finance Services under CSSS
• Meeting with IRS, Joint Secretary, DPIIT on 1^st March, 2024 to explore strategies for amplifying the startup ecosystem’s impact
• Meeting with Director, Ministry of External Affairs, on 13^th March, 2024 to deliberate various modalities to conduct the ITEC Program by ICAI
• Virtual Meeting held on 3^rd April, 2024 with IAS, Joint Secretary, Ministry of Commerce & Industry on sharing insights on the proposed changes in India’s offer related to Accounting and Bookkeeping under India-UK FTA.
• Virtual meeting held on 5^th June, 2024 with Director of Services, Trade Ne-gotiation Wing – Bilateral, Department of Commerce on clarification of ICAI recommendation on au-dit access right proposal in existing MRA with Australia

Representations / Technical Inputs to Government (other than taxation area)

• India-UAE CEPA Utilisation Engagement of Professional Bodies to negotiate MRAs
• India-UK FTA Negotiations in TIS – clarifications sought by the UK-reg.
• MRAs in professional services under India-Japan CEPA and India-Korea CEPA- way for-ward reg
• 1^st Indonesia- India Working Group on Trade and Investment and MRAs with Malaysia
• Gender in TIS : India Canada EPTA
• Definition of the term “juridical person” : India Canada EPTA
• 11^th session of India – Slovak JEC for discussion on Trade in Services
• 5^th meeting of India-Vietnam Joint Trade Sub-Commission (JTSC)
• India-Australia Comprehensive Economic Cooperation Agreement – Accounting, Book Keeping and Auditing Services regarding
• Status Updates on MRA with Mauritius in Professional Services: Follow up on India- Mauritius CECPA
• ICAI preliminary comments on proposal for notifying Accounting, Auditing, Bookkeeping, Taxation Services and Financial Crime Compliance Service as “Financial services” under IFSCA Act 2019
• India-EFTA TEPA negotiations – Revised Services Offer – Accounting and bookkeeping and D.O. letter – PPR – Investment Liberalization – Measures related to Trade in Services – India-EU FTA
• India US TPF Services Working Group – An update
• Comments on draft market access offer of India in Accounting, Bookkeeping and Auditing services (CPC 862) in the ongoing negotiations on trade in services with its FTA partners- UK, Canada and Australia
• Inputs on 6^th Meeting of the India Brazil Trade Monitoring Mechanism
• Inputs on India-UK FTA negotiations- UK request on MFN in Accounting and Auditing Services-reg.
• India-EFTA TEPA negotiations – Revised Services Offer – Accounting and bookkeeping and D.O. letter – PPR – Investment Liberalization – Measures related to Trade in Services – India-EU FTA
• India Sri Lanka Economic and Technology Cooperation Agreement (ETCA): Trade in Ser-vices -reg.
• Constitution of Professional Services Working Group – India Australia ECTA regarding
• 14^th Ministerial level meeting of India-USA Trade Policy Forum
• India – Oman FTA Services Negotiations- reg
• India Peru Services Negotiations – reg.
• India-US TPF Services Working Group issues
• India Australia ECTA implementation – Proposal from ICAI reg audit access rights etc. – regarding.
• India-Chile Joint Study Group (JSG) – Inputs on MRAs-reg
• India- Russia Trade in Services meeting held on 4^th January 2024 – Follow up action regarding and an update
• ICAI participation at 5^th Sub-Committee meeting on Trade in Services with Japan under IJCEPA on 21^st March, 2024
• Contact Points for India-Japan Comprehensive Economic Partnership Agreement (IJCE-PA)
• ICAI Inputs on India’s offer related to Accounting and Booking under India-UK FTA
• Inputs for the Second Session of India-Mauritius High Powered Joint Trade Commission (HPJTC) Meeting
• India Australia ECTA implementation – Proposal from ICAI reg audit access rights etc

(II) Initiatives for the Members/Students

Promoting Foreign Language amongst members

ICAI has made tie ups with official cultural language center for foreign Embassies in India for delivery of Online foreign language courses for our members and students in order to make them more ac-ceptable to foreign opportunities. The status of courses undertaken till date since inception is as un-der :

• Online Spanish Language Courses through Instituto Cervantes, Spanish Embassy Cultural Centre – 39 batches with 720 candidates of A1.1 Level and 13 batches with 130 candidates of A1.2 Level.
• Online French Language Learning Course through Alliance Française De Delhi – 16 batches with 394 candidates for A1 Level.
• Online Japanese Language Learning Course through the Japan Foundation- 20 batches with 408 candidates for A1 Katsudoo Level, 6 batches with 107 candidates for A1 Rikai Level, 2 batches with 38 candidates for A2­1.1 Katsudoo & Rikai and 1 batch with 13 candidates for A2-1.2 Katsudoo & RIkai
• Online Business English Language Course- 7 batches with 488 candidates
• Online German Language Course through Max Mueller Bhavan/Goeth Institut – 1^st Batch with 17 candidates of A1 Level

Survey for seeking preference for foreign language course from ICAI members and stu-dents

Survey was launched for ICAI Members and Students on 27^th February, with the last date as 30^th June, 2024 to give their preference for learning foreign language. 2086 members/students gave their response with respect to learning foreign languages, which would help in ICAI in opening up of future batches of foreign language courses.

Capacity Building Programme for members

During the period, apart from above initiatives, the erstwhile Committee had organized the 6 Webi-nars/Seminars on Global Professional Opportunities for chartered accountants, India Netherlands Investment Landscape – Inbound & Outbound Perspectives, Orientation program for foreign language passed candidates, Empowering Startups : Creating Angel Investors’ and Inbound and Outbound Investment Opportunities in Mauritius – Gateway to Africa.

• Workshop for IAS Officers

Organized workshop for IAS Officers (2021 Batch) in collaboration with Ministry of Commerce & Industry on “Export of Accountancy Service Sector : Challenges and Opportunities” on 20^th September, 2023 at ICAI Head Office which was attended by 6 IAS Officers and 6 Industry experts.

• Trade Officers’ Roundtable Conclave

Trade Officers’ Roundtable Conclave on International Trade & Services took place on October 25, 2023 at New Delhi. It was organized by erstwhile Committee for Development of International Trade, Services & WTO (CDITSWTO), the event was led by the Chairman and Vice-Chaimran of erstwhile Committee. It brought together experts in International Trade & Services, including Trade Officers from 19 Embassies and representatives from Overseas Chambers of Commerce and Export Promotion Councils. Distinguished guests included IAS and the then President and Vice Presi-dent of ICAI also graced the conclave.

• Seminar on “Unlocking the US Market: Best Practices for International Outsourc-ing Firms”

Conducted a physical seminar titled “Unlocking the US Market: Best Practices for International Out-sourcing Firms” during the Startup Sphere event in Bengaluru on 28^th and 29^th June, 2024. Over the course of the one-and-a-half-day seminar, six different ses-sions were held, benefiting approximately 100 participants including delegates of startup sphere.

• ICAI Presence at International Platforms :

➣ Participation of ICAI as speaker at Accounting Business Expo (ABE) Melbourne held on 14^th -15^th March, 2023 on the topic “The future of Accounting & Finance where to from here and how to foster innovation” & “Angel Investing & Mentoring Insights”

➣ Successfully organized a delegation tour to Es-tonia and Netherlands. The tour took place from 23^rd to 29^th May 2023, with a group of 13 delegates. The delegation was led by a distinguished Central Council member and Chairman of CDITSWTO. The delegation tour to Estonia attracts individuals who are primarily inter-ested in various aspects such as Business finance, Startup Environment, Angel Investing, Start-up mentoring, Defence, Clean tech (green energy), Real Estate, Food Industry, Healthcare, Cybersecuri-ty, and Digitization. The Estonian Embassy efficiently coordinated a series of engagements for the delegation, including a meeting with Defence Demo, a comprehensive briefing at the E-Estonia Briefing Centre, a productive interaction with the Indian Embassy in Tallinn, active participation at Latitude59, engaging with the Beamline Accelerator, and networking opportunities on the sidelines of the Latitude event on 24^th and 25^th May 2023. Additionally, ICAI Netherlands chapter and IDFC are jointly organizing an event titled “Mobilizing Startup Ecosystem” between India and the Netherlands, scheduled for 26^th May 2023.’

➣ Chairman, erstwhile Committee for Develop-ment of International Trade, Services and WTO and Central Council member attended WTO Public forum 2023 held from 12^th to 15^th September, 2023 at Geneva, Switzer-land on the theme “It is time for action”.

➣ Meeting with Minister (Customs) and Counsel-lor (Services), Permanent Mission of India to WTO on 12^th September,2023 at Geneva, Switzerland.

➣ Meeting with Minister (TA) and Consul-General, Permanent Mission of India to UN on 13^th September, 2023 at Geneva, Switzerland and discussed opportunity for ICAI members in UN so that ICAI can meet the requirement through our young & dynamic Chartered Accountant.

➣ Meeting with Secretary General ICC Switzerland on 14^th September, 2023 and discussed ICAI’s initiatives in Partner in Nation Building- an overview, Digital (Security token offering) infrastructure and its regulation – steps for its percola-tion to India, Collaboration Opportunities with India, Understanding startup Ecosystem in Eu-rope.

➣ Meeting with ICAI members in Geneva to form Representative office and discussed ICAI initiative, global presence and opportunities for mem-bers.

➣ Meeting with ICAI Members in Zurich on 15^th September,2023 to convert Representative office into Chapters.

➣ Chairman, erstwhile Committee for Develop-ment of International Trade, Services and WTO attended World Investment Forum 2023, participat-ed as a panel speaker at the ISAR UNCTAD at Abu Dhabi and GITEX Global 2023 at Dubai from 15^th to 18^th October, 2023.

➣ Erstwhile Committee for Development of Inter-national Trade, Services & WTO (CDITSWTO) organized a landmark Industry Meet featuring Deputy Commissioner, NYC Mayor’s Office for International Affairs, on November 30, 2023, at the ICAI BKC Office. The event saw enthusiastic engagement from industry leaders representing diverse sectors such as financial services, asset management, polymers, startups and more.

➣ Convenor, Development of International Trade, Services & WTO Directorate, along with Deputy Convenor, Development of International Trade, Services & WTO Directorate, represented ICAI at Accountex London on 15^th -16^th May 2024. For the first time, ICAI exhibited a stall at this prestigious event.

➣ UK (London) chapter members meet was orga-nized with the London Chapter on May 17, 2024, focusing on the theme “Empowering Small Busi-nesses & Startups at Hilton London Tower Bridge.

➣ Chairman, erstwhile Committee for Develop-ment of International Trade, Services and WTO attended FCI 55^th & 56^th Annual Meeting 2023 from 29^th to 2^nd November, 2023 in Morocco and from 9^th to 13^th June, 2024 respectively in Seoul, Korea alongwith Government Nominee, ICAI.

• Delegation of International Level to ICAI

Development of International Trade, Services and WTO Directorate hosted delegation from the Eco-nomic Development Board of Mauritius (EDB Mauritius) led by Minister of Financial Services and Good Governance of Mauritius, as part of their India Business Mission on March 14, 2024, in Delhi. The Interactive Meet focused on regulatory aspects of doing business in Mauritius.

• Certificate Course on Overseas Outsourcing Services (US Market)

Certificate Course on Overseas Outsourcing Services (US Market) was launched at the Council meeting held on 8th February 2024. The certificate course on overseas outsourcing services is de-signed to equip members with the knowledge and skills needed to navigate the complexities of out-sourcing business functions to international service providers. This Certificate Course envisages ac-quainting the members with the evolving outsourcing services in the economy, equipping the mem-bers with the futuristic skills etc in Overseas Outsourcing landscape and practices in the changing environment to help protect the public interest. Till date, three batches of the Certificate Course on Overseas Outsourcing Services (US Market) have been completed, with approximately 450 members skilled and trained in overseas outsourcing services. The Directorate will soon announce the upcom-ing date for the fourth batch of the certificate course.

• ICAI StartUp Sphere 2024 in collaboration with Committee on MSME & Startup & Committee in Members & Industry

Directorate in collaboration with Committee on MSME & Startup & Committee in Mem-bers & Industry of ICAI organized StartUp Sphere 2024 from 27^th June 2024 to 29^th June, 2024, at the Karnataka Trade Promotion Organization (KTPO) in Bengaluru. This inclusive program has been designed to unite the vibrant startup community, influential part-ners, esteemed unicorns, thought-leading influencers, pioneering founders, astute investors, dy-namic leaders and ambitious entrepreneurs for in-depth discussions on various aspects of the startup landscape.

IV. E-Newsletter

5 Quarterly E-newsletter on Global Gateway were launched during the said period.

8. ACTIVITIES BY OTHER NON STANDING COMMITTEES

8.1 Committee for Members in Entrepreneurship and Public Services (CME&PS)

The Committee for Members in Entrepreneurship and Public Service provides a link between the ICAI and the members who are in Entrepreneurship or in Public Service. The Committee is working on var-ious initiatives for promoting members who wish to be successful entrepreneurs or civil services as-pirants; the Committee also recognises the achievements of members who have performed well in their respective careers such as successful entrepreneurs, or as Parliamentarian, Judiciary, IAS, IPS, IRS, ICOAS, IRAS, IRAAS, IRPS, representing various ministries & Government Department like Department of Expenditure, Ministry of Finance, Ministry of Railways, Ministry of Consumer Affairs, Ministry of Environment Forest & Climate Change, Ministry of Health & Family Welfare, Ministry of Commerce & Industry, Ministry of Corporate Affairs, Mistry of External Affairs, Min-istry of Law & Justice, Ministry of Defense, CBI, Members from Appellate Tribunal like other ITAT, NCLT, other regulatory bodies SEBI, IRDA, RBI etc. CAs are continuously contributing to the de-velopment of the Nation. The main aim of Committee is to create mutually advantageous live con-nect between the ICAI and the Members in Entrepreneurship or Public Services with an objective to enhance the efficacy of ICAI by holding various work programs and to explore new avenues and op-portunities for the Members of the Institute. The Committee organizes Residential Meet/Summit for ICAI members in Public Service with the objective of soliciting suggestions of ICAI Members in Public Service to identify matters of National importance and providing various research on it. Till now 12 Residential Meets and 5 Regional Residential Meets have been organised by CMEPS. Apart from this, Committee is continuously exploring the various opportunities that lies in Entrepreneurship for its members. For encouraging aspiring CAs in Entrepreneurship and Public services the CMEPS Com-mittee is organizing various Mentorship/Orientation/Training Programmes /Webinar/ Seminar/ Re-gional Meets/ Interactive Meets for CA Members time to time. These programmes aim to provide CA Members a framework and guidance to promote new enterprises, capacity building and inculcating entrepreneurial culture in the Country.

(I) Residential & Regional Residential Meets for ICAI Members in Public Ser-vice

• Residential Meet of ICAI members in Public Service was organised from 17^th – 19^th June 2023 at Srinagar, J&K wherein around 100 Members in Public Service (the highest in number of any residential meet held so far) comprising of Member of Parliament, Judiciary, IAS, IPS, IRS, ICoAS, IRAS, IRPS, representing various Ministries & Government Department like Department of Ex-penditure, Ministry of Finance, Ministry of Railways, Ministry of Consumer Affairs, Ministry of Envi-ronment Forest & Climate Change, Ministry of Health & Family Welfare, Ministry of Com-merce & Industry, Ministry of Corporate Affairs, Ministry of External Affairs, Ministry of law & Justice, Ministry of Defence, CBI, Members from Appellate Tribunal like ITAT, NCLT, other Reg-ulatory authorities, SEBI etc. attended the said Residential Meet at Srinagar. Hon’ble Lieutenant Gov-ernor, J&K, graced the occasion as Chief Guest and addressed the ICAI Members in Public Ser-vice during the inaugural session. The meet had been organized with the objective of soliciting the suggestions of ICAI Members in Public Service for restructuring the Institute’s initiatives towards this niche segment of members and to identify matters of national importance which ICAI can take up for research and further study.
• 1^st Regional Residential Meet (Northern Region) of ICAI Members in Public Service held on 29^th and 30^th July 2023 at Faridabad wherein around 30 Members in Public Service from Northern region partici-pated comprising of Members who are CFO (CFO of Punjab National Bank, CFO of Goods and Ser-vice Tax Network), IAAS (Deputy Comptroller and Auditor General) IAS, IPS, IRS, IAAS, IRPS, RS, ICoAS, IBBI representing various Ministries & Government Departments like Ministry of Fi-nance, Insolvency and Bankruptcy code of India, Department of Expenditure, National Pharmaceuti-cal Pricing Authority, Department of Investment and Public Asset Management attended the said Regional Residential Meet at Suraj Kund. Chairman, CMEPS, Vice Chairman, CMEPS, Council Mem-bers, Government Nominee and Past President, ICAI also graced the occasion and addressed the ICAI Members in Public Service during the 1^st Northern India Regional Residential Meet of ICAI Members in Public Service. The meet had been organized with the objective of soliciting the suggestions of ICAI Members in Public Service for restructuring the Institute’s initiatives towards this niche segment of members and to identify matters of national importance which ICAI can take up for research and further study.
• 2^nd Regional Residential Meet (Central Region) of ICAI Members in Public Service held on 26^th and 27^th August 2023 at Indore wherein around 30 Members in Public Service from Central and Northern region participated com-prising of Members who are IAS, IPS, IRS, IRPS, RS, ICoAS, representing various Ministries & Government Departments like Ministry of Finance, Ministry of Corporate Affairs, Ministry of Labour and Employment, SEBI, Competition Commission of India, Income Tax Appellate Tribunal, Depart-ment of Expenditure, Department of Investment and Public Asset Management attended the said Regional Residential Meet at Indore. Chairman, CMEPS, Vice Chairman, CMEPS, Council Members also graced the occasion and addressed the ICAI Members in Public Service during the 2nd Regional Residential Meet (Central Region) of ICAI Members in Public Service. The meet had been organized with the objective of soliciting the suggestions of ICAI Members in Public Service for restructuring the Institute’s initiatives towards this niche segment of members and to identify matters of national importance which ICAI can take up for research and further study.
• 3^rd Regional Residential Meet (Southern Region) of ICAI Members in Public Service held on 7^th and 8th October 2023 at Tamil Nadu wherein more than 50 Members in Public Service from Southern, Central and Northern region participated comprising of Members who are IPS (Ministry of Home Affairs), CFO (TIDCO), ITAT (Vice President, Ministry of Law and Justice, Hy-derabad), RS, ICoAS, representing various Ministries & Government Departments like Ministry of Corporate Affairs, Ministry of Home Affairs, Ministry of Petroleum and Natural Gas, SEBI, IRDAI, Indian Oil Corporation Limited, Commissionerate of Treasuries and Accounts, Ministry of Finance, Department of fertilizer, Niti Aayog) attended the said Regional Residential Meet at Mahabalipuram. Chairman, CMEPS, Vice Chairman, CMEPS, Council Members and Past Presidents also graced the occasion and addressed the ICAI Members in Public Service during the 3rd Regional Residential Meet (Southern Region) of ICAI Members in Public Service. The meet had been organized with the objec-tive of soliciting the suggestions of ICAI Members in Public Service for restructuring the Institute’s initiatives towards this niche segment of members and to identify matters of national importance which ICAI can take up for research and further study.
• 4^th Regional Residential Meet (Western Region) of ICAI Members in Public Service held on 18^th and 19^th November 2023 at Mumbai :- The 4^th Regional Residential Meet (Western Region) of ICAI Members in Pub-lic Service held on 18^th and 19th November 2023 at Mumbai wherein around 28 members in Public Service from Western region participated comprising of Members who are IRS, CFO/ED, RS, ICoAS, Managers, representing various Ministries & Government Departments like Ministry of Finance, Department of Income Tax, Ministry of Chemical & Fertilizers, Ministry of Power, RBI, SEBI, IRDAI, NABARD, attended the said Regional Residential Meet at Mahabalipuram. Chairman, CMEPS, Vice Chairman, CMEPS, Council Members also graced the occasion. The meet had been organized with the objective of soliciting the suggestions of ICAI Members in Public Service for restructuring the Institute’s initiatives towards this niche segment of members and to identify matters of national importance which ICAI can take up for research and further study.
• 5^th Regional Residential Meet (Eastern Region) of ICAI Members in Public Service held on 3rd February 2024 at Kolkata- The 5^th Regional Residential Meet (Eastern Region) of ICAI Members in Public Service held on 3^rd February 2024 at Kolkata wherein around 20 members in Public Service participated comprising of Members who are IAS, IPS, IRS, IAAS representing various Minis-tries & Government Departments like Ministry of Finance, Department of Income Tax, Ministry of Railways, Income Tax Appellate Tribunal, Ministry of Law and Justice, IRDAI, Department of Tele-communication attended the said Regional Residential Meet at Kolkata. Chairman, CMEPS, Vice Chairman, CMEPS, Past President, ICAI, Council Members also graced the occasion. The meet had been organized with the objective of soliciting the suggestions of ICAI Members in Public Service for restructuring the Institute’s initiatives towards this niche segment of members and to identify matters of national importance which ICAI can take up for research and further study.

(II) Interactive Meets of ICAI Members in Entrepreneurship/ Interactive Meets of ICAI Members in Public Service

Sl. No.	Meet	Date and Place	Theme	No of participants
A. Interactive Meets of ICAI Members in Entrepreneur-ship
1	Entrepreneurship Interactive Meet-	1st May 2023 at Srinagar	Acquiring Skills to be A Global Professional, as an entrepreneur, as Practitioner, as CEO	55
2	Interactive Meet	18th May 2023 at New Delhi	Global Entrepreneurship & Professional Opportunities	20
3	Entrepreneurship Interactive Meet	19th May 2023 at Goa	Acquiring Skills to be a Global Professional – As an Entrepreneur- As professional – As Practitioner- As CEO”	17
4	Entrepreneurship program	21st August, 2023 at Delhi	World Entrepreneurs Day 2023	250
5	Entrepreneurship program	30th December, 2023 at Thampanoor, Thiruvananthapuram	Audit Quality Maturity Model, how to grow Practice & Entrepreneurship Op-portunities	100
6	3 Days (Residential/Non- Residential) Programme	28th December to 30th December 2023 at Centre of Excellence of ICAI, Hyderabad	Entrepreneurship	200
7	Entrepreneurs Meet of ICAI Members in Entrepreneurship	3rd February 2024 at Kolkata	Entrepreneurship	—
B. Interactive Meets of ICAI Members in Public Ser-vice
1	Interactive Meet of ICAI Members in Public Service	24th May, 2023 at New Delhi	Addition and enhancement to promote CA Members and CA aspirants for Civil services	31
2	Interactive Meet of ICAI Members in Public Service	8th June 2023, at Mumbai	Various initiatives of the Committee	15
3	Interactive Meet with ICAI Members (Delhi/NCR)	7th July 2023 at New Delhi	Industry Specific Research Activities, faculty support and training programs	—
4	Interactive Meet of ICAI Members in Public Service	12th July 2023, at Mumbai	—	—
The Interactive Meets for Empowering CA Civil Service Aspir-ants & CA Members who wish to be in Entrepreneurship
1	Interactive Meet	18th May 2024 at New Delhi (Addressed by the Eminent Faculties and Members in Public Service like IRS, Principal CIT, ICoAS, Director, Elite IAS Academy, Director, DI-ADEMY IAS, Founder, AKMV Consultants Pvt. Ltd, Chairman, TOBU Cycles & MKM Group, and Promoter, Raymotos Pvt. Ltd.	—	175
2	Interactive Meet	1st June 2024 at New Delhi (addressed by the Eminent Faculties and Members in Public Service IAS, Joint Secretary, Ministry of Ports, Waterways & Shipping, IRS, Principal CIT, IPS, Special Commissioner of Police (Traffic), & Founder, AKMV Consultants Pvt. Ltd.	—	160
3	Interactive Meet	22nd June 2024 at Faridabad (Addressed by the Eminent Faculties and Members in Public Service Spiritual Economist and Entrepreneur (Former Judge at UP Real Es-tate Appellate Tribunal), IRS, Deputy Commissioner of Income Tax in the Foreign Tax & Tax Research Division, CBDT, Department of Revenue, Ministry of Finance, ICoAS, Deputy Director FIU, Department of Revenue, Ministry of Finance, Senior Faculty (Economics), Next IAS, Director, Resurgent India Ltd., and Founder & COO of “NirogStreet” and Founder & Ex-Chief Anchor “Tpot”.	—	150
Interactive Meets for Empowering CA Members who are in-terested in Judicial Services:-
1	Interactive Meet	28th June 2024 at New Delhi (Addressed by the Eminent Faculties from Dristhi IAS and Ambition law Institute, New Delhi)	—	—

(III) Participation/ Meets attended- Public Services

• Meeting and Interaction with Members in Public Service on 24^th May 2023 with (Adviser), Deputy Director, Assistant Director, IRS Deputy Director Income Tax (Investigation), at National Pharmaceuticals Pricing Authority.
• Meeting and Interaction with Members in Public Service at Income Tax Appellate Tribunal, New Delhi 7th July 2023 at SFIO, CGO Complex with Pradeep Balyan, New Delhi
• Meeting and Interaction with NIFM Institute and Manav Rachna Institute, Faridabad on 20^th July 2023
• Meeting and Interaction in NFRA office, Government E Market Office with (GeM) Market head, Head of Department, DGFT office with ITS Additional DGFT and in PMLA office with other as-sociates on 21^st July 2023.
• Meeting and Interaction with Members in Public Service at Institute of Secretariat Train-ing and Management (DoPT) Institute of Govt. Accounts and Finance, Ministry of Finance, National Centre for Good Governance (NCGG), New Delhi on 26^th July 2023
• Meeting and Interaction with Members in Public Service on 27^th July 2023 at Office of Central Electricity Regulatory Commission, Office of Comptroller and Auditor General of India and SPUWAC office, New Delhi
• Meeting and Interaction with Members in Public Service on 4^th August 2023 at ITAT Indore, CGO Complex. Meeting with Deputy Commissioner, Central GST, INDORE. Meeting with Additional Commissioner, GST Indore, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, Madhya Pradesh, Indore.
• Meeting and Interaction with Members in Public Service on 18^th August 2023 at Ministry of Skill Development and Entrepreneurship, Ministry of Labour, Ministry of Water Resources, 64th National Symposium at Hotel Le Meridien, E Mobility India Forum at New Delhi.

(IV) Participation/ Meets attended- Entrepreneurship

• Meetings with officials of National Institute of Financial Management (NIFM) and Manav Rachna Universities were held on 20^th July 2023.
• On 27^th July, Global Chemicals and Petrochemicals Manufacturing Hubs (GCPMH2023) held on 27^th – 28^th July 2023 at New Delhi.
• On 20^th July 2023, Meetings with Officials of Arun Jaitley National Institute of Financial Management, Faridabad, Faculties of Manav Rachna University, Faridabad to discuss the proposed programs on civil services and entrepreneurship program
• On 21^st July Meeting with official of GeM, Government E Marketplace at Delhi on 21^st July 2023 to discuss entrepreneurship programme with GeM.
• On 26^th July officials of DoPT for civils services programs for training pro-grams related to civil services
• CPSEs Roundtable and Exhibition 2023 on 25^th -26^th Septem-ber 2023 at New Delhi.
• Awareness programme for Entrepreneurship to celebrate WED Day held on Saturday, 26^th August 2023 at ICAI Bhawan, Premchand Nagar Colony, Varanasi.

(V) Seminars/Webinars

The Committee organised 11 Seminars and 64 Webinars during the period on Entrepreneurship – Perspectives of Value Creation & Value Capture for ‘Practice Development’, Entrepreneurship Needs & Challenges, Acquiring Skills to be a Global Professional, Empowering Civil Service Aspir-ants: Public Administration & Public Policy, The A to Z of Effective Business Writing” Series, The Power of Digital Transformation: Strategies for Modernizing Business & Profession” etc.

8.2 Legal Directorate

(I) Hon’ble Supreme Court judgment dated 17.05.2024 in Shaji Poulose vs. ICAI – Upholding the power to issue guidelines by ICAI imposing restrictions on the number of audits by a CA under Sec-tion 44AB of the Income-Tax Act, 1961.

The Hon’ble Supreme Court of India vide its judgment dated 17.05.2024 in Shaji Poulose vs. ICAI has dealt with the question as to whether The Council of the Institute is competent to frame guide-lines imposing restrictions on the maximum number of tax audits that can be conducted by a Char-tered Accountant in a year under Section 44AB of the Income-tax Act is violative of Article 19(1)(g) of the Constitution of India and whether such restrictions are unreasonable and violative of the Right to Profession of the Chartered Accountants guaranteed under Article 19(1)(g) of the Constitu-tion and also violative of Article 14 of the Constitution of India.The judgment disposed of 74 writ petitions and cases transferred from various High Courts to the Supreme Court vide an order 09.12.2022 by a Three-Judge Bench of the Hon’ble Supreme Court in a Transfer Petition filed by ICAI. In the said order, the Supreme Court noted that the question involved was of public im-portance and necessitated a comprehensive settlement of question of law and allowed the Transfer Petition filed by ICAI.

In the 139-page judgment, the conclusions arrived at by the Supreme Court is given below: –

“a) Clause 6.0, Chapter VI of the Guidelines dated 08.08.2008 framed by the Council as amended from time to time restricting the number of tax audits under Sec-tion 44AB of the Income-tax Act, 1961 are valid and not violative of Article 19(1)(g) of the Constitu-tion as it is a reasonable restriction on the right to practise the profession by a Chartered Accountant and is protected or justifiable under Article 19(6) of the Constitution.

b) However, the said Clause 6.0, Chapter VI of the Guidelines dated 08.08.2008 and its subsequent amendments is deemed not to be given effect to till 01.04.2024.

c) Consequently, all proceedings initiated pursuant to the im-pugned Guideline in respect of the writ petitioners and other similarly situated Chartered Account-ants stand quashed.

d) Liberty is reserved to the respondent-Institute to enhance the specified number of audits that a Chartered Accountant can undertake under Section 44AB of the IT Act, 1961, if it deems fit.

e) Liberty is also reserved to the writ petitioners or any other member of the respondent-Institute to make a representation in the above context which may be taken into consideration in the event respondent-Institute intends to amend the Guideline as per point No.(d) above.”

(II) Delhi High Court in Harinderjit Singh vs. Disciplinary Committee (PwC matters) Rules that ICAI can proceed against entire CA Firm if individual CA cannot be held responsi-ble.

The Delhi High Court vide its judgment dated 03.07.2024 in Harinderjit Singh vs. Disciplinary Committee has rules that ICAI can proceed against a firm of Chartered Accountants in case one individual cannot be held responsible for the allegations raised in a complaint against them. The High Court rejected the argument that only those nominated as `member concerned’ under Rule 8 of Chartered Accountants (Procedure of Investigations of Professional & Other Misconduct and Conduct of Cases) Rules, 2007 are answerable to the ICAI in respect of any complaint alleging mis-conduct.

In its judgment the Court rules that “The Court has today interpreted Rule 8 of the Rules and has held that when the DC is of the opinion that any one individual cannot be saddled with the responsi-bility, considering the naturae of the allegations, the Disciplinary Committee can proceed against the firm as a whole. The Court observed that the Rules make it clear that the notice to the firm shall be notice to all the members who are the partners of employees of the firm on the date of registration of the complaint. It explained that where allegations are in respect of agreement made by the firm, only an individual may not be responsible.

The Court further held that “In a case where there is any complaint or allegations in respect of a sin-gle incident or an act of a member, the firm can designate that particular person, who was associated with the said Act, which is alleged to be misconduct. The position would however not be the same, say in a case where the allegations are in respect of arrangements enter into by firms with other in-ternational counterparts, spanning over decades and multiple agreements. A single individual cannot be pinned down in such situations to be responsible for answering the complaint as `member an-swerable’. The firm as a whole has to be held responsible if found culpable, in such circumstances failing which the act would be rendered truthless. The Court also observed that if the Disciplinary Committee of ICAI is of the opinion that a member is incorrectly owning responsibility for the allega-tions which are wide ranging, the Statutory Body is fully empowered to hold the firm as a whole as being responsible. The Court further ordered that the “petitioners including their firms are given an opportunity to file a reply to the notices issued by ICAI and a date of hearing be fixed for their ap-pearance. Stressing the importance of profession of chartered accountancy, the High Court has ob-served as under: –

“Any omission or laxity in discharge of duties could lead to large scale losses and financial frauds. CAs owe a responsibility not just to their clients but also to ensure in the process of rendering their services that there is compliance of law. The said profession also owes a duty to the coun-try as also to the economy as a whole. Thus, regulation of the profession of CAs by establishment of the regulatory body like the ICAI is an important feature of the said profession itself.”

The Court further said that there is an eminent need to do the following: –

• Strengthen the ICAI by expeditiously notifying the amendments passed by the Amend-ment Act of 2022;
• Undertake consultation in order to clearly set out the framework in which multi-national accounting firms can operate;

The Court, in the course of its judgment, observed as under with reference to Multi-national Ac-counting Firms: –

“Such firms also contribute in bringing global best practices to India with immense opportunities for youngsters. They also render services to Indian businesses even at a global scale. Thus, the provi-sions relating to licensing agreements, brand usage etc., also need to be looked into.”

Dismissing the petitions, the Court imposed a cost of Rs. 1,00,000/- each on the petitioners. Division Bench of the High Court of Delhi has subsequently stayed the aforesaid judgement on appeal by the Petitioners. The matter is not yet finally decided.

(III) Delhi High Court dismisses the Writ Petition filed by students for postponement of CA Exams scheduled in May, 2024 in view of the General Elections to Lok Sabha.

The Delhi High Court on 8^th April, 2024 has dismissed a Writ Petition filed by 27 candi-dates seeking postponement of CA Exams till June, 2024 in view of the Lok Sabha Elections held in April-June, 2024. While dismissing the Writ Petition the High Court observed as under:

“Mere fact that candidates taking the Exam may face hardship in undertaking the exam cannot be a ground for the Court to derail the exam which is to be taken by approximately 436246 aspir-ants. This Court is surprised that such a request has been made.”

Further, at Para 13 of the Judgment, the Delhi High Court held as under:-

“The respondent (ICAI) has, therefore, been proactive and ensured that the right of the candidates, who are to undertake the examinations, to cast their votes, is not affected by conducting of the examinations. The schedul-ing of the examination has been so done as to ensure that an individual candidate is able, should she so desire, to cast her vote and undertake the examination. No more can be expected of the respond-ent. It is for the individual candidates now to work out their schedules, and adjust their itineraries accordingly.”

Another set of students filed a writ petition in the Supreme Court of India for postponement of the Chartered Accountancy Examination to be held in the month of May, 2024/June, 2024 due to the General Lok Sabha Elections scheduled in the month of May & June, 2024.

The Supreme Court on 19^th April, 2024 has dismissed a Writ Petition filed observing as follow:

“The arrangements that were made during the course of the COVID 19 pandemic stand on a completely different footing since the country was then faced with a public health crisis of unprecedented proportion. The relief as sought is contrary to the regulations and cannot be granted.”

8.3 Infrastructure Development Committee (IDC)

Infrastructure Development Committee is formed as a non-standing Committee of the Institute. Since inception, the ICAI has a robust infrastructure policy in place, which ensures financial prudence and discipline. This year, Committee has modified the Infrastructure Policy for Branches and Regional Councils/Offices. The policy defines what all facilities can be provided, composition of local Infra-structure Committees, policy and procedure for acquisition of land/ building, indicative area, permis-sible grant from Head Office, powers and delegation vested with various authorities within the Insti-tute.

Out of total 176 Branches set up by the ICAI so far, 102 branches are having their own premises. 13 Branches (presently functioning from Rented Premises) who have procured land on which construc-tion is either yet to be commenced or construction is under-way. 11 Branches (functioning from own premises) have procured land where either construction yet to be started or construction is un-der-way. 61 Branches do not own either land or building. The Region-wise break-up is as under:

S. No.	Particulars	Remarks
		WIRC	SIRC	EIRC	CIRC	NIRC	Total
1	Total Nos. of Branches	36	45	13	57	25	176
2	Nos. of Branches having own Premises	21	34	6	31	10	102
3	Nos. of Branches having land on which construction is started or yet to be started (functioning from rented premises)	1	2	0	5	5	13
4	Nos. of Branches having land on which construction is started or yet to be started besides the own premises (functioning from own premises)	3	2	1	5	0	11
5	Total nos. of Branches having neither land or building	14	9	7	21	10	61

Recently, NBCC has also been engaged for Building Projects of ICAI all over India. However, NBCC is renovating Noida Sector C1 Office.

8.4 International Affairs Committee (IAC)

(I) Initiatives of International Affairs Committee for recognition of professional opportuni-ties abroad

In order to spread its wings internationally, ICAI has been entering into qualification reciprocity agreements with accounting bodies globally to recognize qualification of members at either end. These agreements foster working relations between the two accounting institutes. These agree-ments are a step forward in increased mobility to professionals at both end and herald a new dimen-sion for business globally. ICAI renewed its agreement with the Institute of Chartered Accountants in England & Wales.

• Renewal of MoU with ICAEW

The association between ICAI & ICAEW dates back to 2008 when the first MoU was signed be-tween the two bodies. The Memorandum of Understanding (MOUs) after receiving approval from the Union Cabinet, was renewed on April 24, 2023 in London. The then President, ICAI and the then President, ICAEW signed the MoU in presence of the then Vice President, ICAI along with other Council Members, ICAI and senior functionaries of ICAEW. The renewal of this MoU would continue to enable appropriately qualified members of either Institute to join the other Institute by receiving appropriate credit for their existing accountancy qualification and bring a lot of professional oppor-tunities for Indian CAs in UK. During the sidelines, discussions were also held on various issues of mutual interest including best practices in education and examination; Joint research in areas such as Sustainability, Artificial Intelligence and Insolvency and how both the Institutes can contribute effec-tively in the meetings of B20.

• Recognition of ICAI member as Associate member of ISCA

ICAI & Institute of Singapore Chartered Accountants (ISCA) have been exploring the possibility of MRA between the two Institutes. In a further development, ISCA has recognized ICAI qualification as one of the recognized professional qualifications for associate membership of ISCA. This is a wel-come step for all ICAI members residing in Singapore having a minimum of 6 months of local work experience in Singapore. ICAI has unilateral pathways and programmes with the few bodies namely, International Pathway Programme of Chartered Accountants Australia & New Zealand, Inter-national Pathway Programme of the Institute of Chartered Accountants of England & Wales (ICAEW), Malaysian Institute of Accountants, Institute of Chartered Accountants of the Maldives, Botswana Institute of Chartered Accountants, and Fiji Institute of Accountants.

(II) Enhancing ICAI’s Global Footprints

• Enhancing Brand CA Globally through ICAI Overseas Chapters & Repre-sentative Offices

ICAI has always been working untiringly in the direction of effectively and efficiently serving its mem-bers based in overseas. ICAI has now 50 Chapters and 31 Representative offices in 81 global cities in 47 Countries thus aiding to positioning the ‘CA India’ as a ‘Brand’ worldwide for generating more professional avenues for Indian Chartered Accountants. During the period under report, ICAI has inaugurated 6 Chapters in Philadelphia, Michigan, Arizona and Seattle in United States of America, Cairo (Egypt) and Adelaide (Australia) and one Representative office in Rotterdam, (Netherland) was also approved. Representative offices abroad are opened where currently ICAI Chapters cannot be formed thus bringing together ICAI members abroad and enabling effective reach and service to its members, thus aiding to positioning the ‘Indian Chartered Accountant’ as a ‘Brand’ worldwide for generating more professional avenues for Indian Chartered Accountants.

• ICAI Best Overseas Chapter Awards 2023

Since, 2013, the International Affairs Committee (IAC) has been organizing ICAI Best Chapter Awards for its Chapters overseas which are awarded at the ICAI Annual Function every year as a token to appreciate the efforts of the Chapter Managing Committee in enhancing the ‘CA India’ brand and providing members a platform for networking thus creating a feeling of belongingness amongst members in foreign soil. They recognize the distinguished efforts and exemplary achievements of Chapters in furtherance of the horizon of the Chartered Accountancy profession. The best overseas Chapters are selected on the basis of defined parameters as approved from time to time. The Awards for 2023 were distributed at the ICAI Annual Day Function.

• ICAI’s Representatives on International Bodies

From time to time, ICAI representatives have been at the leadership positions of various Interna-tional Accounting bodies. This ensures the ICAI remains at the forefront of emerging trends and knowledge development. Currently, ICAI is being represented in the following Board/Committee of :-

➣ International Feder-ation of Accountants (IFAC) – Board Member;Technical Advisor; and Advisory Group Member

➣ Public Interest Oversight Board (PIOB) – Mem-ber

➣ Confederation of Asian and Pacific Accountants (CAPA) – President, Board Member & Committee Member

➣ South Asian Federation of Accountants (SAFA) – Advisor, Board & Assembly Member, Technical Advisor, Committee Chair & Committee Members

➣ Chartered Accountants Worldwide (CAW) – Board Member, Technical Advisor, Steering Group Member and Task Force Member.

➣ Edinburgh Group – Vice Chairman (Currently as Acting Chairman), Technical Advisor

➣ IFRS Foundation–Member of Committees/ Ad-visory Forums, Implementation Group

➣ Asean Federation of Accountants (AFA) – Asso-ciate Member & Working Committee Members

➣ Pan African Federation of Accountants (PAFA) – Affiliate Member

➣ UNCTAD – ISAR- Chairman

➣ XBRL, International– Board Member

• Globalizing ICAI’s Brand Equity

➣ Roundtable Engagement with IFAC Presi-dent

The then President, ICAI and the then Vice President, ICAI attended the ‘Roundtable Engagement on June 12, 2023 with IFAC President hosted by MIA. This was an op-portunity for ICAI to network with IFAC and engage with other PAOs, both local and international bodies. The then President, ICAI gave a presentation at the event wherein he enlightened partici-pants on the various capacity & competency building efforts taken by ICAI for the future rele-vance of the profession.

➣ ICAI Connect event

ICAI organized an ICAI Connect event at Malaysia on June 12, 2023 wherein His Excellency, Indian High Commissioner to Malaysia; Deputy Minister of Entrepreneur De-velopment & Cooperatives; President, International Federation of Accountants (IFAC); Leader-ship of MIA & MICPA, the then President, ICAI and the then Vice President, ICAI and members of Managing Committee of Malaysia (Kuala Lumpur) Chapter of ICAI were present. This event “ICAI Connect” was one such example of connecting and contributing to the progress and development of the accountancy profession. It was an apt occasion to showcase India’s accounting expertise through growing number accounting professionals in Malaysia. The event was well appreciated by the partic-ipants.

➣ MIA International Conference

MIA International Accountants Conference on the theme “Future Fit Profession: Charting a Better Tomorrow” was held from June 13-14, 2023 at Kuala Lumpur. The Con-ference had 16 sessions, 80 speakers and was attended by 3000 delegates. Past President, ICAI ; two Council Members, ICAI were the panelists at the Panel Session “CS1C: Equipping SMEs for Sustaina-bility-The role of SMPs. One of above Council Members, ICAI participated at the Panel session virtu-ally. ICAI associated with the MIA International Conference and had ICAI’s pavilion at the Conference where it promoted GloPAC and its various initiatives of global relevance. ICAI also showcased its publications at the pavilion. This assisted ICAI to strengthen ICAI’s foothold in Malaysia and ICAI re-ceived good response from delegates.

➣ ICAI’s participation at the Africa Congress of Accountants (ACOA) 2023

ICAI also associated with the 7^th Africa Congress of Ac-countants (ACOA), a premier event of the Pan African Federation of Accountants (PAFA) held in Abidjan, Ivory Coast from 15^th to 18^th May 2023. More than 2000 dele-gates from 54 countries attended the Congress where the then President, ICAI and the then Vice President, ICAI, Past President, ICAI and one Council Member, ICAI addressed in various sessions. ICAI had the opportunity to exhibit the largest pavilion in ACOA wherein the latest initiatives of ICAI were displayed and appreciated by the delegates.

➣ ICAEW-ICAI event in London

ICAI along with ICAEW organized a Joint event on “Globalising Ac-countancy: India-UK Collaborations in the Digital Age” on September 25, 2023. The then President alongwith the then Vice President, ICAI and President, ICAEW participated in the Fire Side Chat and spoke on the relationship between the two Institutes and their future plans for the betterment of the profession at either end.” A high-level panel discussion on the topic “Unleashing Synergies: Col-laborative Opportunities in Accounting Outsourcing and Global Capacity Centres” was also organised wherein leading outsourcing firms were invited to discuss on the collaborative opportunities.

➣ ICAI as a part of High-level delegation of International Financial Services Centres Authority

In order to disseminate information about International Financial Services Centres; the GIFT IFSC & its benefit to overseas investors and to gain insights on the accounting & auditing profession in Australia; a High-level delegation from International Finan-cial Services Centres Authority visited Australia from August 28-September 1, 2023. Considering the importance of accountancy and book-keeping in IFSC, the participation of ICAI in this visit was im-perative and accordingly, IFSCA had invited the then President ICAI & the then Vice President, ICAI to be a part of this High-level delegation. The then President ICAI & the then Vice Presi-dent, ICAI took part in the Round table interactions with Banks, Insurance and Capital market insti-tutions jointly organized by Australia India Business Council, Bloomberg on 28^th Au-gust, 2023 in Sydney. They also took part in another Round Table interaction on Opportunities for Asset Managers (including super funds) in IFSC on October 31, 2023 in Melbourne. Concurrently, ICAI Chapters in Sydney & Melbourne alongwith Bloomberg, GIFT City and Consulate General of India in Sydney and Melbourne jointly organized Conferences on Business Opportunities in India’s maiden IFSC GIFT City at Sydney & Melbourne on August 28 & 31, 2023 respectively. Fur-thermore, CPA Australia also organized “Meet & Greet event” on 30^th August, 2023 in Melbourne which was attended by approx. 50 members from ICAI and CPA Australia.

➣ ICAI’s presence at World Investment Fo-rum

ICAI’s initiative “Sustainability Reporting Standards Board (SRSB)” received an Award in ISAR Honours Ceremony at the World Investment Forum on 17^th October, 2023 at Abu Dhabi. ICAI received the highest score in this year’s session of ISAR HONORS among 70 initiatives from all over the world. The then President ICAI & the then Vice President, ICAI received the Award on behalf of ICAI. The ISAR Honours recognizes policy, institutional or ca-pacity-building initiatives that encourage and assist enterprises to publish data on their contribution to the implementation of the 2030 Agenda for Sustainable; facilitate improvements in companies’ reporting on sustainability issues, including by promoting the integration of sustainability infor-mation, such as environmental, social and governance (ESG) issues, into companies’ reporting cycle. ICAI also had its pavilion wherein ICAI publication, GloPAC and other initiatives of ICAI were show-cased and the pavilion was highly appreciated by the delegates. It helped create global branding for ICAI.

(III) Delegations visiting ICAI

• Meeting with ICAEW functionaries in sideline to CII meeting in Mum-bai

The President, ICAI met MD International-ICAEW & Strategic Advisor-India-ICAEW on 13^th March 2024 during the sidelines of the CII Meeting in Mumbai. The meeting dwelled upon how the two institutes can synergize for development of Global Accountancy Profession in Technology & Sustainability Initiatives.

• Visit of delegation from CA Maldives

A high level delegation comprising of President; Vice President; two Council Members and Chairperson of Academic Committee visited ICAI on December 18, 2023. In order to empower finance professionals in the Maldives with specialized knowledge and skills, under the aegis of the MoU, the delegation from CA Maldives sought support from ICAI and proposed a collaborative initiative that leverages the expertise of ICAI in delivering specialized courses aimed at enhancing the professional capabilities of finance practitioners in the Maldives. The then Vice Presi-dent, ICAI assured them of full support from ICAI and the delegation was highly appreciative of ICAI in this regard.

• Visit of delegation from the Institute of Chartered Accountants of England and Wales (ICAEW)

Director Policy visited ICAI Bhawan at New Delhi and met with the then President, ICAI and the then Vice President, ICAI on 16^th March, 2023. The ob-jective of the meeting was to deliberate on how the two Institutes can further collaborate in various areas related to profession like ESG, Insolvency, Research etc.

• Visit of delegation from CPA Australia to ICAI

Head-Global Growth & Brand Strategy-CPA Australia, Head India & her team visited ICAI and met with President-ICAI on 12^th March 2024 at New Delhi. The meeting focused on discussing areas for furthering collaboration between the two Insti-tutes for the benefit of members at each end in the areas of Artificial Intelligence, Environmental, Social, and Governance (ESG), Corporate Governance, MSME, Research and alike.

(IV) Technical Co-operation Agreements

• Signing of MoU between ICAI & CA Maldives at SAFA-IFRS-ISAs Forum 2023 at Maldives

ICAI signed MoU in Maldives on the second day of the SAFA IFRS and ISAs Forum 2023 hosted by CA Maldives on August 20, 2023 in the presence of the Hon’ble High Commissioner of India to the Maldives. The MOU was signed by the then President, ICAI and Presi-dent, The Institute of Chartered Accountants of the Maldives. The objective of MoU is to establish mutual co-operation for the advancement of Accounting Knowledge, Professional and Intellectual Development, Advancing the Interests of their respective members and positively contributing to the development of the Accounting Profession in the Maldives and India. Further, on the request of the office of the Hon’ble High Commissioner of India to the Maldives, ICAI has gifted its publications including books of new curriculum to CA Maldives.

• ICAI Global Professional Accountants Convention” (GloPAC) on the theme- “Connecting the Globe, Creating Value” on November 24-26, 2023

With a vision of taking Indian Chartered Accountancy Profession and positioning India as global hub for Finance and Accounting, ICAI organised the first of its kind Global Professional Accountants Convention (GloPAC) in India, at the Mahatma Mandir Convention Centre in Gandhinagar, Gujarat from November 24-26, 2023. The Convention was inaugurated with lighting of the lamp by the august hands of Chief Guest, Hon’ble Vice-President of India along with Guest of Honour,-Hon’ble Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Govt. of India, Guest of Honour- Hon’ble Minister of State for Parliamen-tary Affairs, Primary, Secondary and Adult Education, Higher Education, Govt. of Gujarat, President, International Federation of Accountants (IFAC), the then President, ICAI, the then Vice-President, ICAI, Past President, ICAI and Secretary, ICAI. The Convention served as a convergence point for pro-fessionals and leaders across various sectors within the accounting and auditing community, foster-ing a dynamic exchange of ideas and insights. During the event, the new logo of Chartered Account-ancy Profession ‘CA India’ was also unveiled by the Chief Guest. Further moving towards bolstering India’s global financial landscape, MoUs were entered by ICAI with International Financial Services Centres Authority (IFSCA) and Gujarat International Finance Tec-City Company Limited (GIFT-City).

(VI) OTHER EVENTS:

• Events with MOU/MRA partners

➣ Awareness sessions with CPA Australia, ICAEW and CPA, Canada.

From time to time, ICAI organizes awareness programs jointly in as-sociation with its MOU/MRA partners. This year, awareness sessions were organized jointly in asso-ciation with CPA Australia, ICAEW and CPA Canada under the mandate of qualification reciprocity agreements signed with them for the members to make them aware of the scheme and benefits of these MRAs. These were very well appreciated by the members. Joint programs with CPA Australia are being organized almost once every month.

(VII) SAFA EVENTS:

• SAFA Events in Pakistan

The Institute of Cost and Management Accountants of Pakistan hosted the SAFA Committee meetings and SAFA Board meeting on March 18, 2023. Past President, ICAI and the then President, SAFA, , the then Central Council Member, ICAI alongwith Central Coun-cil Member, ICAI attended the SAFA Board meeting on March 18, 2023. The then Central Council Member, ICAI also chaired the meeting of SAFA Committee on Information Technology. Past Presi-dent, ICAI and the then President, SAFA was also the panelist in the session on “ESG Sustainability: The Accounting Perspective” at the International Convention of Accountants hosted by ICMAP at the sidelines of the SAFA meetings. The then Central Council Member was the keynote speaker on the topic “Accountants Role in averting climate catastrophe and economic downturn” at the Inter-national Convention of Accountants held on March 18 and 19, 2023.

• SAFA Board meeting on June 24, 2023 via VC

The 79^th SAFA Board meeting was held on June 24, 2023 via VC and was attended by the then President, ICAI, the then Vice President, ICAI, two Central Council members, ICAI. Past President, ICAI and the then President, SAFA chaired the meeting. The meeting deliberated on various important issues. At the meeting, it was decided to admit CA Mal-dives as Full member of SAFA w.e.f July 1, 2023..

• SAFA events in Maldives

SAFA IFRS and ISAs Forum (August 19-20, 2023)

Institute of Chartered Accountants of the Maldives hosted the SAFA IFRS and ISAs Forum on August 19 and 20, 2023. This two-day forum delved into the intricacies of International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISAs). Past President, ICAI and the then President, SAFA addressed at the SAFA IFRS and ISAs Forum. The then Central Council member gave a presentation on “The challenges of implementing IFRS 17” and Central Council member, ICAI was a panelist in the Technical Session on ‘Elevating Audit Quality Management: Strategies and Best Practices for Auditors’.

• SAFA Committee Meetings and Board Meeting (August 21, 2023)

CA Maldives also hosted various SAFA committee meetings and the SAFA Board meeting on August 21, 2023. A Central Council Member, ICAI chaired the meeting of SAFA Committee on Education, Training and CPD which was also attended by another Central Council member, ICAI as Vice Chairman of the meeting, the then Central Council member, ICAI chaired the meeting of SAFA Committee on Information Technology and one Central Council member, ICAI chaired the meeting of Small and Practices Committee of SAFA which was also attended by another Central Council member, ICAI as Vice-Chairman of the meeting. A Central Council member, ICAI par-ticipated in the meeting of SAFA Committee for Improvement in Transparency, Accountability and Governance, another Central Council member, ICAI participated in the meeting of SAFA Committee on Professional Ethics and Independence, another Central Council Member, ICAI participated in the meeting of SAFA Committee on Accounting Standards, a Central Council member, ICAI participated in the meeting of SAFA Committee on NPOs and Co-operatives Sector, another Central Council Member, ICAI participated in the meeting of SAFA Committee on Anti Money Laundering and one of Central Council Member, ICAI participated in the meeting of SAFA International Relations Committee. The then President, ICAI along with Past President, ICAI and the then President, SAFA attended the SAFA Board meeting on August 21, 2023.

• SAFA Foundation Day Ceremony and IFAC Workshop (August 22, 2023)

CA Maldives also hosted the SAFA Foundation Day ceremony on Au-gust 22, 2023 wherein Past President, ICAI and the then President, SAFA addressed the inaugural session and the then President, ICAI participated in the Panel discussion on “Impact of Technology on the Accountancy profession in South Asia”. IFAC SAFA workshop was also organised on August 22, 2023 which was attended by a Central Council Member, ICAI.

• SAFA Board & Committee Meetings

The then ICAI Vice President and ICAI Past President & Past SA-FA President, attended the 82^nd SAFA Board meeting on 18^th January, 2024 to discuss and deliberate on the roadmap for development of the profession in the SAARC re-gion.

• SAFA Virtual Conference on the theme “Future of the Accountancy Profession” on December 18 and 19, 2023

The Committee on Education, Training and CPD of SAFA had organ-ised a SAFA Virtual Conference on the theme “Future of the Accountancy Profession” on December 18 and 19, 2023 which was hosted by the Institute of Chartered Accountants of India. This event delved into the future landscape of the accountancy profession, featuring panel discussions centered around technological disruption and the redefinition of leadership in accountancy for the members and students. Esteemed speakers from various South Asian countries shared their insights, offering valuable perspectives on the evolving trends in the field. The event was attended by over 1200 par-ticipants from SAARC countries.

• SAFA Awards 2022

The ICAI hosted the prestigious South Asian Federation of Account-ants (SAFA) Best Presented Annual Report Awards, Integrated Reporting Awards and SAARC Anni-versary Awards for Corporate Governance Disclosure 2022 to recognize excellence in corporate re-porting & corporate governance disclosures in the South Asian region on 22^nd December, 2023. For this year’s award ceremony, nominations were received from Bangladesh, In-dia, Nepal, Pakistan and Sri Lanka under 16 categories. The event marked the presence of the then President, SAFA, Vice President, SAFA, the then President, the then Vice President, ICAI, the then Chairman and Vice Chairman, Research Committee, ICAI, Chairperson, Committee for Improvement in Transparency, Accountability and Governance, SAFA and other dignitaries. The Awards were dis-tributed in the glittering evening wherein more than 250 professionals from the SAFA Member coun-tries participated.

• ICAI-SAFA Joint CFO Meet

An insightful and thought-provoking Interactive CFO Meet on 2^nd December, 2023 in Mumbai was organized by the CMI&B jointly with the South Asian Federation of Accountants (SAFA), hosted by WIRC of ICAI. The event brought together finance leaders, industry experts, and strategic thinkers to explore and deliberate on the theme “The Evolving Role of CFOs – Rising Upward” to foster a community of finance leaders who are prepared for actively shaping the future of finance in the South Asian region. The then President, ICAI along with Central Council members from Mumbai attended the event.

• SAFA Quiz and Elocution Contest, 2023 on March 1, 2024 in Pokhara, Ne-pal

The Institute of Chartered Accountants of Nepal hosted the SAFA Quiz and Elocution Contest, 2023 on March 1, 2024 at Nepal. Teams from ICAB, ICMAB, ICAI, ICAN, CA Sri Lanka and CMA Sri Lanka participated in the Quiz Contest. In the Elocution Contest, 2 partici-pants each from ICAB, ICMAB, ICAI, ICAN, CA Sri Lanka and CMA Sri Lanka participated.

• SAFA Women’s Day Celebrations & SAFA Women Leadership Awards 2024

The Women Leadership Committee of SAFA organised the SAFA Women’s Day Celebrations & inaugurated the SAFA Women Leadership Awards 2024 on March 1, 2024 at Nepal. The event served as a platform to honour and celebrate the achievements of women within the Accountancy Profession across the SAARC region. Nine awards were distributed across seven categories, recognizing the outstanding contributions of women in the Accountancy profession.

• SAFA Meetings on March 1 and 2, 2024 in Pokhara, Nepal

The Institute of Chartered Accountants of Nepal hosted various SAFA Committee meetings on March 1, 2024 and SAFA Board meeting on March 2, 2024 in Pokhara, Ne-pal. One Central Council member, ICAI participated in the meeting of SAFA Committee to study Fiscal Regimes and other Statutory Requirements of Business in SAFA Countries and a Central Council member, ICAI participated in the meeting of SAFA Committee on Anti Money Laundering and SAFA Committee for Co-operatives and NPO Sector. Another Central Council Member joined the meeting of SAFA Women Leadership Committee virtually and one of Central Council Members joined the meeting of SAFA Committee on Professional Ethics and Independence virtually. The President, ICAI along with Vice President, ICAI attended the SAFA Board meeting on March 2, 2024.

8.5 Strategy, Perspective Planning and Monitoring Committee (SPP&MC)

The Strategy Perspective Planning and Monitoring Committee (SPPMC) is a non-standing Committee of the ICAI which plays a critical role in shaping long-term ICAI Vision and Objectives. The primary purpose of SPPMC is to engage in strategic planning, ensuring that the ICAI develops and imple-ments effective strategies to meet its goal.

Preparation of ICAI 2049 Vision Document

Consequent to strategic meeting of Council members held in Hyderabad on 10^th March, 2023, SPPMC began collecting views from different stakeholders and bucketed them into following six broad areas:

• Infrastructure Development – Property & Building and IT
• Human Value & Governance Ecosystem
• Capacity Building – Skilling & Reskilling (Members & Firms)
• Education, Training & Examination
• Regulatory Framework & standard-setter
• Brand Value – National & International

Following this, a Confluence of Government nominees on Disciplinary Committees and Members of Boards of Section 8 companies was held on 1^st & 2^nd August, 2023 at Statue of Unity, Kevadiya. The task of developing ICAI 2049 Vision Document, Strategic direction for ICAI and a high level work plan for achieving the strategic goal was awarded to IIMA. IIMA con-ducted series of interactions with President, Vice President, Central Council Members, Secretary, Faculty, Board of Studies, senior officers and members of ICAI. Survey was conducted by circulating detailed questionnaires to members, students, elected representatives and employees. In response thereto, 899 persons responded to the various questions posed in the questionnaire, totalling around 25,000 replies. Views expressed by Past Presidents at their meeting held in 21^st April, 2023 and on 21^st March, 2024, and views expressed by past Council Members at their meeting held in 27^th April, 2024 were collected and studied by IIMA. The draft report received from IIMA on 25^th June, 2024 is currently under consideration by SPPMC and Council. The cover of the ICAI 2049 Vision Document was released on the CA Day cele-brations held at Bharat Mandapam, New Delhi on 1^st July, 2024 at the august hands of Hon’ble Union Minister of Road Transport and Highways.

8.6 UDIN Directorate

In today’s business and regulatory landscape, the Unique Document Identification Number (UDIN) introduced by the Institute of Chartered Accountants of India (ICAI) holds immense relevance and significance. UDIN serves as a pivotal tool in combating the proliferation of fraudulent financial doc-uments by providing a unique identifier for every certificate, audit report, or other attestations is-sued by practicing chartered accountants. This stringent requirement ensures that all certified doc-uments can be verified online, thereby guaranteeing their authenticity and legitimacy.

Moreover, UDIN plays a crucial role in bolstering trust and credibility in financial reporting processes. Stakeholders such as investors, regulatory authorities, and government agencies can swiftly verify the validity of documents, mitigating risks associated with misinformation or falsification. By pro-moting adherence to auditing standards and ethical practices, UDIN reinforces accountability among chartered accountants, who are accountable for the documents they certify. This accountability fos-ters a culture of responsibility and professionalism within the accounting profession, aligning with global best practices and regulatory expectations. The UDIN system has seen remarkable adoption and integration into professional practices.

Furthermore, UDIN facilitates streamlined regulatory processes by providing a standardized method for verifying documents. This digital approach not only enhances efficiency in auditing and compli-ance checks but also aligns with technological advancements in information verification and man-agement. As businesses navigate complex regulatory environments and demand greater transparen-cy, UDIN emerges as a vital mechanism to uphold integrity in financial reporting, thereby safeguard-ing stakeholders’ interests and fostering a robust economic ecosystem.

In essence, UDIN issued by ICAI represents a transformative step towards ensuring transparency, reliability, and integrity in financial reporting practices. By leveraging technology and stringent verifi-cation protocols, UDIN not only deters fraud but also strengthens confidence in the accuracy and trustworthiness of financial documents certified by chartered accountants, contributing to sustaina-ble business growth and regulatory compliance in India’s dynamic marketplace.

(I) UDIN – A decision making parameter for the Regulators, Banks and Other Stakehold-ers

• A meeting with the delegation from the Institute of Chartered Accountants of Nigeria (ICA Nigeria) was held on 18^th October 2023, to discuss the process and protocols for implementation of UDIN in Nigeria.
• A meeting with Chhattisgarh Real Estate Regulatory Authority (CG-RERA) was held on 10^th November, 2023 to discuss the requirements of CG-RERA. CG-RERA has request-ed the UDIN Directorate to provide API for their system to verify the UDINs on real time basis. Sub-sequently, a revision in the scope of work necessitated a meeting on May 30, 2024, to discuss on the changes in scope of work and CG-RERA’s requirements.
• Government entities and stakeholders like Chittaranjan Locomotive Works (CLW), Indian Railways, Central Public Works Department, Ministry of Corporate Affairs, Mumbai and other gov-ernment agencies are actively leveraging the UDIN Portal’s services to verify document authenticity. Recently, various State Governments like PHED & Mission Director, Jal Jivan Mission (JJM), Gov-ernment of Assam, Govt. of West Bengal, Govt. of Maharashtra and Govt. of Odisha have recog-nized by way of verification of the authenticity of the documents received by them.

(II) Initiatives for the Members

• Configure new Form 10B & 10BB at UDIN Portal as per CBDT’s Notification No. 7/2023 dated 21.02.2023 – Form 10B and 10BB were re-notified by CBDT vide notifi-cation no. 07/2023 dated 21/02/2023. As per the amended rule 16CC and 17B, new renotified form 10B & 10BB will be applicable w.e.f. 01.04.2023. As per the clarification received from the TPL, Ministry of Finance, amended rules are not applicable retrospectively. Old form 10B and 10BB will remain applicable till AY 2022-23 and new notified form will be applicable from AY 2023-24 on-wards. Accordingly for the AY 2023-24 onwards, new Form 10B & 10BB has been configured at UDIN Portal for UDIN generation.
• Archival of the UDINs – The Council in its 420^th meeting held on 23^rd & 24^th March, 2023, decided that UDINs may be ar-chived after one year of their generation to ease off the load on the servers. The implementation of the aforementioned functionality was given effect at the UDIN live server with effect from the mid-night of 25^th October, 2023. Implementation of archiving UDINs has been scheduled in the phased manner beginning for the year 2019 in the first phase, followed for the years 2020, 2021, 2022 and 2023, thereafter. UDINs for the calendar year 2019, 2020 & 2021 have been archived at the UDIN Portal.
• Capturing PIN code during UDIN generation – The provision for captur-ing PIN Code during UDIN generation has been enabled at UDIN portal with effect from 9^th February 2024. The usage of such information is to generate a report on the geo-graphical distribution of UDIN including the highest/lowest generation of UDINs in a particular City/District/State”.

(III) Impact of UDIN

The Unique Document Identification Number (UDIN) system has had a significant impact on the pro-fessional documentation landscape in the current scenario, particularly in enhancing transparency, authenticity, and reliability. Introduced by the Institute of Chartered Accountants of India (ICAI), UDIN has become a crucial tool in preventing the forgery and misuse of certifications and attesta-tions by Chartered Accountants (CAs). For more detailed information, resources, and updates on UDIN, the official portal udin.icai.org can be visited.

One of the most significant impacts of UDIN is its role in curbing document forgery. By assigning a unique identification number to each document certified by a CA, the system ensures that every document can be verified for its authenticity. This has drastically reduced instances of counterfeit documents, thereby safeguarding the integrity of professional attestations. The ability to verify doc-uments through the UDIN portal has fostered a higher level of transparency and trust in professional transactions, significantly enhancing the credibility of the accounting profession.

In the regulatory domain, UDIN has streamlined compliance processes. Regulators can efficiently verify the authenticity of documents, reducing the likelihood of fraud and ensuring adherence to compliance requirements. This has resulted in a more efficient regulatory environment, benefiting both professionals and regulators. The requirement for CAs to generate UDINs for every document they certify has increased accountability among professionals, as their work is now traceable and verifiable. This heightened accountability has led to higher standards of professionalism and ethical conduct within the industry.

As generation of UDIN is mandatory for all the Practicing CAs for all the documents issued by them, as on 4^th July, 2024 more than 1.46 lakhs Chartered Accountants have registered on UDIN Portal and have generated more than 6.77 Cr UDINs from beginning to date in three categories namely Audit & Assurance Functions, Certificates and GST & Tax Audit. More than 2.17 Cr UDINs have been verified by the Authorities/Regulators/Banks/Others.

UDIN related statistics is suggestive of the fact that major economic activities have been undertaken by the top three States namely, Maharashtra, Gujrat, Delhi since inception to 27^th May, 2024. The pictorial representation of top 10 states generating UDINs since inception to date (till 27^th May, 2024) is presented hereunder.

The UDINs, therefore, are extremely important elements for the policy framing as the policy makers may use these numbers for necessary policy interventions like sensitizing the economic players for their diversification in the specific sector needed for economic development.

(IV) Publications

• FAQs on Unique Document Identification Number (UDIN) (Revised 2024)
• Report on UDIN (2023-24)

8.7 Publication & CDS Directorate

The Publication & CDS Directorate undertakes the task of printing of ICAI various priced publi-cations and dispatching the same to its students, members and other stakeholders. ICAI has devel-oped an online store portal named CDS Portal. The option is provided to various stakeholders to pur-chase all relevant publications and artefacts online. Anyone interested can generate his/her own ac-counts and place his/her orders on online store. The Directorate is catering to the demands of its students and members with the help of its CDS Portal by providing the doorstep service.

The Publication Directorate of Institute primarily caters to following three areas:

• Printing of study materials for students and member-related publications.
• Sale and distribution of publications through Centralized Distribution System (CDS).
• Maintaining Stock account, sales account, and reconciliation of stock.

(I) New Publications brought out

During the period i.e. from 1^st April, 2023 till 31^st March, 2024, the Publi-cation Directorate printed various new publications on behalf of Board of Studies (Academics) and other Committees, which are also hosted on the CDS Portal.

(II) Centralized Distribution System

Since July 2017, all publications of ICAI including study materials, Revision Test Papers and member-related publications and various kinds of mementoes such as ties, Tie Pin, cuff links and lapel pins are dispatched centrally through Central Distribution System Portal (www.icai-cds.org) to the Students, Members and other Stakeholders based on the orders received on the CDS Portal.

(III) Student related Publications

Period	Books Dispatched against registration	Books sold
01-04-2023 to 31-03-2024	Type of Books – 118 nos. Total Books dispatched against Regis-tration – 32,11,722 nos.	Type of Books – 184 nos. Total Books dispatched against Sale – 31,368 nos.

(IV) Members related Publications and Mementos

Period	Member Publication	Mementos
01-04-2023 to 31-03-2024	Type of Books – 285 nos. Total Books dispatched against Sale – 10,938 nos.	Type of Mementos – 18 nos. Total Mementos dispatched against Sale – 1,905 nos.

(V) Future Endevaours

The future endeavors of the Directorate include to revamp and upgrade the CDS Portal and reduce the Turnaround time for delivery of orders.

8.8 Centre for Audit Quality Directorate (CAQD)

(I) Utilities developed by CAQ

The CAQD develops and provides access to cost-effective Digital and online Resources for account-ants / accounting firms to facilitate smooth conduct of quality audit and assurance. The Following Utilities have been developed by the CAQD for the benefit of members/ accountants/ accounting firms.

• Utility for Bank Branch Audit, 2024 Edition:

To help the members in smooth conduct of the bank branch audits, CAQD released an Excel Utility. It would help the members in tracking the status of the completion and concern areas under various heads. This updated tool includes several improvements such as MoC sheet, certificate list control, monitoring of IFCoFR, day-wise attendance of team members, listing activities not done by SBAs but by SCAs, SA 700 series compliances, and enabling printout for ease of documentation. By aligning with the Guidance Note on Audit of Banks and the Technical Guide on the Long Form Audit Report, this utility aims to assist members in complying with the audit procedures enumerated therein, effi-ciently managing audit progress and documentation.

• Utility for Determining Materiality:

The CAQD developed a utility for determining materiality as a handholding measure for assisting the firms in the smooth conduct of audits. The objective of this template is to enable a user to perform a Statutory Audit of an entity to assess and gauge the Materiality Threshold for a Statutory Audit of an entity. This utility categorizes risk assessment parameters as low, medium or high and assists in form-ing an Audit Opinion after considering the impact of total Material Misstatements.

• Reviewing and Monitoring Tool on Standards on Auditing Compli-ance:

This tool covers checklists on all Standards on Auditing as a measure for assisting firms in compliance with the SAs. It enables review, monitoring and documentation of SA compliance effortlessly. The tool tracks progress by using the ‘Work Status’ dropdown summarized in the Dashboard.

• Utility on Engagement Letters:

It is a valuable utility designed to simplify/ streamline the process of generating engagement letters for assurance clients. Auditors and audit firms can seamlessly generate multiple engagement letters with a single click by using this utility. This utility saves valuable time and eliminates the usual com-plexities associated with engagement letter preparation. It provides a comprehensive template that can be customized by practice units.

• Status of download of the utilities is as under:

S. No.	Name of Tool/ Utility	No. of Downloads
1	Utility for Determining Materiality	7299
2	Utility for Review and Monitoring Tool on Standards on Auditing Compliance	2234
3	Utility on Engagement Letters	10073
4	Utility for Bank Branch Audit – 2024 Edition	13671

(II) Programmes/Seminars

The Directorate organised 10 Programmes on Quality Café sessions – A monthly virtual series on au-dit quality, Demo of the Utility for Bank Branch Audit- 2024 Edition, Training of Trainer (ToT) program on Audit Quality Aspects, Awareness Program on Optimizing your audits: Tools and Utilities for En-suring Compliance and Audit Quality Aspects.

(III) Certificate Course-Extensive Master Program-New Age Auditors

During the period, the 7^th Batch of the Certificate Course- Executive Master Program – New Age Auditors was conducted through virtual mode and 1 Batch of the said Course was con-ducted physically at Vadodra. The course was appreciated by all the members with respect to their content and the quality of speakers. In respect of the physical course, the members also liked the format of having group discussions on Standards on Auditing and hands on learning on technology. The participants acknowledged that the course was well-organized, and the informative sessions enhanced their knowledge of the digital age and its application in audit and assurance. An assess-ment test for the course was held on 10^th February 2024. 31 participants successfully completed the course. Members who cleared the test could download the certificates through the DLH platform.

(IV) Other Initatives

• X’ (Twitter) handle of CAQ

A separate ‘X’ (Twitter) handle has been created for CAQ for connecting with the members and help-ing them raise the level of awareness and understanding on various elements of audit quality. Regu-lar posts are made through ‘Did you know?’ series in the form of Questions & Answers on ‘X’ (Twitter) account to raise level of awareness and understanding on various elements of audit.

• Registration of ‘Centre for Audit Quality’ under the Trademark Act, 1999

The Trademark registry has registered the mark “Centre for Audit Quality (CAQ)” in the name of the Institute of Chartered Accountants of India as its proprietor user. A Certificate (No. 4711659 dated 21.10.2020) of registration has been received from the office of the Registrar of Trademarks.

(V) Publications

• Significant Audit Matters
• Firm Manual Model Referencer
• Analysis of Modified Opinions:

8.9 Centre of Excellence Directorate (CoED)

ICAI constituted the Centre of Excellence (CoE) Directorate in February 2024, propelling its vision and mission to foster a culture of research, continuous learning and professional development. The CoE Directorate stands as beacon of innovation, excellence and strategic growth within the accounting profession. By fostering an environment of perpetual improvement and pioneering practices, the CoE Directorate seeks to elevate the standards of the accounting profession, making it a hub for thought leadership and excellence. At present, ICAI has 2 CoEs at Hyderabad and Jaipur. Further, ICAI plans to open 9 more CoEs across the country in the next 3 years fostering Research, Innovation and Skill-building.

(I) Initiatives

• Policy Document on Centre of Excellence

The CoE Directorate prepared the Policy Document on Centre of Excellence which is unanimously ap-proved by the Council in its 431^st meeting held on 25^th and 26^th April, 2024. The approval of CoE policy document is a milestone decision to foster research, innovation, learning and will serve as a hub for disseminating knowledge to shape the fu-ture of accounting profession. The Policy Document on Centre of Excellence proposes a strategic plan that embodies vision, mission, goals, objectives, strategies, actions and monitoring benchmarks. This strategic plan is supported by staffing pattern followed for the centre, physical infrastructure, process of research dynamics, dashboard matrix to showcase research contributions, financial mod-el and the archive showcasing the glorious past and inspiring future of ICAI.

(II) Other Activities

• 50 and 3 Residential Programs were organised at CoE Hyderabad & Jaipur respec-tively by various Committees/Boards/Directorates of the Institute.

8.10 Estate Development Directorate (EDD )(Under Infrastructure Development Com-mittee)

The Policy on processing and disbursement of Capital Grant was approved by Council w.e.f. 30^th June 2022. The Estate Development Directorate deals with the matters related to release of Capital Grant to Units of ICAI (Regional Councils/Branches/DCOs/COEs) including major Repair and Renovation works (of both owned as well as Rented Premises), small Construc-tions/additions, internal modifications in the existing Building etc. costing up to Rs.200 Lakhs.

Brief of Major Decisions taken by Estate Development Directorate (EDD)

• Brand Building – ICAI @ 75

➣ Installation of (G20 & B20 Glow Signage) at ICAI HO Buildings at HO, IP Marg, New Delhi, Vishwas Nagar New Delhi, C-1, Sec-1, Noida and A-29, Sec-62, Noida

➣ Painting of ICAI Buildings PAN India

➣ Installation of Glow Signage (ICAI Emblem & Name), PAN India

• Approved/Release of Advance/Final Grant against Capital Budget including pending cases for earlier years.
• EDD Software :

➣ Software for Capital Grant

➣ DMS for Land and Building records.

➣ Dashboard for Green Building and Swatch Bha-wan Award.

• Approval of Special Grants
• Reimbursement of Property Tax for 2022-23 and 2023-24
• Approval of Capital Grants till 10.04.2024

8. 11 Tender Monitoring Directorate (TMD)

In order to monitor, analyze and streamline tendering for professional services of Chartered Ac-countants, a Directorate namely “Tender Monitoring Directorate” was constituted by the Council during the year 2023-24. The Directorate has been endeavouring to streamline the process of ten-dering and to monitor the bids quoted by CAs in all the permissible tenders and analyze them. The Directorate further refers the deviations at appropriate level.

Important activities

• The Directorate created its own Portal for tenders on professional services which was launched by the Council on 1^st July, 2023 –tmdicai.org. The Portal offers fol-lowing features:

➣ Tender opportunities

➣Latest information for members

➣ Council Guidelines on tenders

➣ Details of minimum recommended scale of fees

➣ Format of cost sheet to be submitted to mem-bers

➣ Extract from relevant provisions of Code of Eth-ics

➣ Representations made by Directorate to the tenderers

➣ Answers to Frequently Asked Questions

➣ Grievance posting mechanism, with or without disclosing identity.

• Representations are being made to tenderers where minimum fees is not prescribed in respect of audit & attestation services, or where eligibility conditions appear to be unreasonably restrictive or where the services tendered create “independence” issues. During the functional year 2023-24, 169 such representations were sent to the tendering organisations. During the functional year 2024-25, so far 71 representations have been sent.
• TMD also collects tenders for professional services from all over India, and hosts the same in its TMD Portal. During the functional year 2023-24, 1,411 tenders were studied out of which 1,263 tenders were hosted in the TMD portal as these were found appropriate in all respects. During the current functional year, so far 550 tenders were studied, out of which 480 tenders have been hosted in the TMD portal.
• Bids submitted by members are studied and cost sheets are called for wherever it is felt that the bid is for low amount. During the functional year, 57 tenders were examined whereupon notices were sent to 239 CA firms. During the current functional year, so far 20 tenders have been examined, and notices have been sent to 128 CA firms. Since the beginning of last year, cases of 37 CA firms have been referred to Director (Discipline) for investigation. Peer review has been ordered in respect of 56 CA firms. Cases relating to 129 CA firms have been closed as the cost sheet was found to be satisfactory. Examination of rest of the cases is on.
• A delegation comprising of President, Vice President, Convenor, Tender Monitoring Direc-torate and Vice Chairman, Professional Development Committee met the Chief Vigilance Commis-sioner at latter’s office on 18^th May, 2023 and had detailed discussions on how Least Cost method of selection can be avoided in hiring of professional services of Chartered Accountants and at the same time, quality can be maintained. At this meeting, the CVC was accompanied by Vigi-lance Commissioner, Secretary CVC, C.T.E. and Director, CVC.
• The Department of Expenditure, Ministry of Finance, Government of India has issued the Manual for Procurement of Consultancy & Other Services (updated June, 2022) wherein they have dropped “audits” from the description of assignments of standard or routine nature under Pa-ra 3.8 thereof titled, “Price based System – Least Cost Selection (LCS). Thus, Least Cost Selection i.e. L-1 is no longer considered suitable for engaging auditors.
• During the last functional year and the current one, representations were sent to Chief Secretaries and Finance Secretaries of all States and Union Territories requesting them, inter-alia, to ensure fairness in tendering process by the organisations under their control. Pursuant to the same, following meetings were held:

➣ Chief Secretary of Uttarakhand at Dehradun on 8^th January, 2024. The Chief Secretary has issued instructions to all the departments in the State for utilising the panel from PDC of ICAI for any professional services in the State.

➣ Additional Chief Secretary (Finance), Govern-ment of Gujarat on 19^th February, 2024 at Gandhinagar.

➣ Ministry of Finance, Government of India, New Delhi on 17^th May, 2024.

➣ Ministry of Electronics & Information Technology, Government of India, New Delhi on 22^nd May, 2024.

➣ Additional Chief Secretary, Government of Kar-nataka, Bengaluru on 12^th June, 2024.

➣ Finance Secretary, Government of Jharkhand, Ranchi on 13^th June, 2024.

➣ Finance Secretary, Government of Chhatisgarh, Raipur on 18^th June, 2024.

• The TMD has come out with fee calculator for reference by both tendering organisations and CA bidders. The said application was launched by the Council at its 432^nd meeting held on 2^nd-3^rd July, 2024. This fee calculator is based on the minimum recommended scale of fees issued by the Council in February, 2020. The same can be accessed at https://tmdicai.org/fees-calculator.php.

8.12 Human Resources Directorate (HRD)

The role of HR Directorate is to plan and execute all HR functions (except those that are to be decided by the EC) including Manpower Planning, Recruitment, Transfers, Job Rotation, Performance Man-agement, HR Policy, Employee Relations, Code of Conduct, Training & Development, HR infor-mation system, Organisation Development, Succession Planning, Compensation matters, Compli-ance/Legal, Employee Engagement etc. The Convenor of the HR Directorate is the Vice President – ICAI

Training conducted during the period

In order to increase the competency level of employees on the desired traits and skills by way of hands-on-training and through skill development initiatives, 4 batches of training and development programmes have been organized by the office on managerial skills development for the officers of the level of Assistant Secretary and above through reputed Business Schools such as IIM Ahmeda-bad and IIM Lucknow. Further, the office has also organised 36 internal trainings during the period for the employees on a variety of subjects, such as IT (MS Excel, MS Word, PowerPoint, Google Forms, Cyber Security, E-Office, Artificial Intelligence & ChatGPT), GeM-Portal, Health & Stress Management, Functioning of Regional Councils & Branches, CPE Guidelines and Regula-tions.

8.13 Grievance Resolution Dirctorate (GRD)

ICAI’s newly launched Grievance Resolution Directorate is committed to ensuring an efficient griev-ance resolution mechanism and providing timely, high-quality service to ICAI’s members and stu-dents. The initiative is designed to centralize communication, expedite the handling of complaints and inquiries, and ensure that each Committee, Department, Board and Directorate promptly ad-dresses and resolves concerns. This initiative underscores ICAI’s commitment to its members and students, ensuring their voices are heard and their concerns are addressed in a timely manner.

Grievance Resolution Channels: The Directorate utilizes various channels, includ-ing e-Sahayata (e-Tickets-https: eservices.icai.org), Call Sahayata-9997599975 (Voice support), and e-mails ([email protected] & [email protected]) to address grievances.

In summary, the Grievance Resolution Directorate acts as a vital link between stakeholders (stu-dents/members) and ICAI officials, ensuring efficient communication and satisfactory resolution of queries and grievances.

8.14 Specific Fund Management Directorate (SFMD)

A Specific Fund Management Directorate will guide and oversee the implementation of directions and decisions of the Managing Committee of the respective funds and to make suggestions regard-ing augmentation of resources, eligibility criteria for beneficiaries and disbursements, relating to the functioning of three funds namely The Chartered Accountants Benevolent Fund (CABF), The S. Vaidyanath Aiyar Memorial Fund (SVAMF), The Chartered Accountants Students Benevolent Fund (CASBF) for achieving their objectives.

(I) Chartered Accountants’ Benevolent Fund

The Chartered Accountants’ Benevolent Fund (CABF) was established in December, 1962 with the objective to provide financial assistance to needy members of the Institute as well as their depend-ents on meeting the prescribed criteria, for maintenance of their emergent educational and medical needs etc. During Covid-19 Pandemic times, the Institute has also tried to help eligible members or their dependents who were in distress and released financial assistance for treatment of Corona Dis-ease and also one-time Ex-gratia/Monthly financial assistance to the dependents of the deceased members.

The financial and other particulars of the Fund are as follows:

Details of Membership

1.	Total Life Members as on 31st March, 2023	1,40,306
2.	Total Life Members as on 31st March, 2024	1,40,473
3.	Total Additions of New Life Members (During 2023-24)	167

Details of Financial Particulars

	During the year ended 31st March, 2024 (Rs.)	During the year ended 31st March, 2023 (Rs.)
1. Total Assistance provided	1,50,90,000	3,66,51,000
2. Surplus/Deficits of the Fund during the year	84,67,016	(1,37,93,000)
3. Balance of the Fund	84,67,016	(4,85,86,000)
4. Balance of Corpus	19,60,05,148	19,32,27,000

(II) Vaidyanath Aiyar Memorial Fund

The number of life membership of the Fund as on 31^st March 2024 is 10,939. The bal-ance in the Corpus Fund was Rs. 80,35,150/- as on 31^st March 2024 as against Rs. 79,61,000/- as on 31^st March, 2023.

(III) Chartered Accountants Student’s Benevolent Fund (CASBF)

The Fund was established in August, 2008 with the aim and objective to provide financial assistance to the students registered with ICAI. The balance in the credit of the general fund was Rs.19,04,71,085 as on 31^st March, 2024 as against Rs. 18,27,83,000/- as on 31^st March, 2023.

8.15 Financial & Tax Literacy Directorate (FTLD)(under Committee on Financial Markets and Investors’ Protection)

The Institute of Chartered Accountants of India (ICAI) established the Financial and Tax Literacy Group (FTL Group) on July 1, 2021. The primary objective of the FTL Group was to enhance financial and tax awareness and education across India. As a dedicated wing aligned with the Government of India’s national mission on Financial Literacy (Vitiya Saksharta), the mandate of the group was to focus on educating people about various aspects of financial management, including tax laws, accounting, and personal finance. By bridging the knowledge gap, it aims to increase com-pliance with tax regulations and promote financial literacy. In the year 2024, it was made a full-fledged Directorate. While the basic working remains the same, it further strives to enhance its reach to the wider population. The FTL Directorate’s motto, “Har Jan, Har Mann, Vitiya Gyan se Sam-pann” reflects its commitment to empower individuals with informed financial decision-making skills. Through various initiatives, it demystifies financial concepts and tax-related matters for the layperson, fostering a more financially informed society. By empowering individuals with knowledge, the FTL Directorate contributes to their financial well-being and the overall economic development of the country.

ICAI’s Financial & Tax Literacy Drive (Vitiya Gyan – ICAI Ka Ab-hiyaan) has been recognised and appreciated by the Hon’ble Finance Minister. The establish-ment of FTL Directorate reinforced ICAI’s commitment to being a true ‘Partner in Nation-Building’. The FTL Directorate has undertaken various initiatives to empower individuals with the knowledge to make informed financial decisions, contributing to their financial well-being and the country’s overall economic development. A key initiative is the envisioned development of a Na-tional Resource Centre, a beacon of Financial and Tax literacy in India, aimed at bridging the financial knowledge gap and supporting the Government of India’s vision. The FTL Directorate has made sig-nificant strides in promoting financial and tax literacy across India. One of its primary efforts includes organising national awareness campaigns. These campaigns aim to increase compliance with finan-cial regulations and reduce tax avoidance, both crucial for the country’s economic development. The FTL Directorate has successfully conducted numerous campaigns, reached the masses and educated them about various aspects of finance and taxation.

The Financial & Tax Literacy (FTL) Directorate successfully undertook the following programs during 2023-2024:

• Conducted over 150 programs including Workshops, Seminars, Awareness Initiatives, Webinars, Quiz Competitions, Nukkad Natak, Pad Yatra, etc. at Regional Councils and Branches of ICAI – PAN India.
• Organised more than 65 programs on various topics of financial & tax literacy at schools and universities across India.
• Successfully executed a radio campaign, which was conducted in three phases across 44 locations nationwide, focusing on important topics like the Goods and Services Tax (GST), Income tax, Digital payments, etc. This campaign utilised jingles and RJ mentions to reach over 3.93 crore audiences in 12 vernacular languages.
• Launched the websitevitiyagyan.icai.org which provides easy access to financial & tax information and serves as a knowledge repository. The website is available in 12 major Indian languages and has attracted over 115,000 visitors. Presently, modules on 6 topics, i.e., Banking Sys-tem and Loan Schemes of Govt., Dealing with Financial Crisis, Digital Payments – Process and Safe-guards, Retirement Planning and Succession, Saving and Spending, and Utility of Credit Cards are available on the website.

• Covered 12 series with daily Twitter posts on the topics of Banking, Dealing with financial crisis, Digital payments, GST, Income tax, Insurance, Mutual funds, Capital markets, Retirement and succession planning, Saving and spending, Utility of credit cards, and Digital personal data protec-tion.
• Over 2000 CA members and CA students have taken the Sankalp/ Pledge through the “I Pledge – 2024” initiative to be representatives of the FTL Directorate and ardently proliferated to take financial literacy forward.
• The FTL Directorate collaborated with the FICCI Ladies Organisation (FLO) to organise monthly virtual events on various financial topics.
• The ICAI through its FTL Directorate entered into a Statement of Intent with the Capacity Building Commission of India (CBC) on 29^th February 2024 for knowledge partnership. Subsequently, the FTL Directorate to develop content and e-learning videos for CBC on various topics of financial & tax literacy.
• The FTL Directorate collaborated with financial social media influencers (Finfluencers) to create and disseminate educational content, conduct interactive sessions, and engage with people on social media platforms.

8.16 Right to Information Act, 2005

The Right to information is implicitly guaranteed by the constitution. However, with a view to set out a practical regime for the citizens to secure information as a matter of right, the Indian Parliament enacted the Right to Information Act, 2005. Thew basic objective of the Right to Information Act is to empower the citizens, to promote transparency and accountability in the working of very public authority. The Institute of Chartered Accountants of India (ICAI) a statutory body set up b y an Act of Parliament i.e. The Chartered Accountants Act, 1949 is a public authority as envisaged under Sec-tion 2(h) of the RTI Act, 2005. In compliance of the provisions of the RTI Act, 2005 and direction of the Central Information Commission, officers of the Institute have been designated as Central Public Information Officer, Central Assistant Public Information Officer, First Appellate Authority (FAA).

Disclosure under Section 4(1) (b) of the Right to Information Act, 2005

Further, in terms of the Section 4(1)(b) of the Right to Information Act, 2005, necessary disclosures have been made by the Institute by hosting them on the website of the Institute www.icai.org and the same are updated from time to time. During the period, total 1,82,371 (one lakh eighty-two thousand three hundred seventy-one) applications have been received which include the applica-tions requesting for certified copies of various examinations conducted by the ICAI.

8.17 XBRL

For the effective participation of the regulators, technologists, corporates and academicians in the endeavor of the Institute for the promotion of XBRL in India, the Institute has facilitated the incorpo-ration of XBRL India as a section 25 company (currently under Section 8 of Companies Act, 2013) with the main objective of promoting and encouraging the adoption of XBRL in India as the standard for electronic business reporting in India through development of taxonomies, facilitation of educa-tion and training on XBRL. Also, XBRL India has taken membership of XBRL International to facilitate and get updates of XBRL filing globally. XBRL India is an established Indian jurisdiction of XBRL Inter-national. Currently, XBRL India is developing and maintaining XBRL taxonomies for Ministry of Corpo-rate Affairs (MCA).

(I) XBRL filing requirements by the Ministry of Corporate Affairs (MCA)
Currently, there are two Taxonomies which are applicable to the companies:

• Ind AS Taxonomy
• Commercial and Industrial (C&I) Taxonomy

XBRL India always focused on its key area of operations i.e. development/ maintenance of Taxono-mies for filing of financial statements under Companies Act. Accordingly, XBRL India has submitted Sample Instance Documents along with Business Rule for the testing purpose of taxonomies sub-mitted to MCA in 2022. Further, the XBRL India finalizing the amendments required in Ind AS Taxon-omy due to notification of Companies (Indian Accounting Standards) Amendments Rules 2023 no-tified by the MCA on March 31, 2023. In addition to development of taxonomies, queries/ issues faced by the filers with regard to taxonomies, while converting the Financial Statements to XBRL formats have been resolved.

(II) Development of new Taxonomies

Apart from Ind AS & C&I taxonomies applicable to specified class of companies, XBRL India would also take initiatives for development of taxonomies for various sectors –

• Non-Banking Finance Companies (NBFCs)

• Insurance Entities (both for life and non-life insurance companies separately)
• Municipal Corporation Sectors
• Admission of New Member

During the current financial year, a new member has been admitted thereby membership of XBRL India get broadened.

• Participation in International activities

As a part of becoming a member of XBRL International, the contribution of XBRL India has not been limited to India. The Board members of XBRL India regularly represented India at various meetings/events of XBRL International. During the year, Board members participated in the meeting of XBRL International Member Assembly; 12^th XBRL Asia Round Table at Tokyo and “Data Amplified 2023” XBRL International Conference at Zurich, Switzerland.

8.18 ICAI- Accounting Research Foundation (ARF)

ICAI Accounting Research Foundation (ICAI ARF) was established in January, 1999 to be developed as an academy for imparting, spreading and promoting knowledge, learning, education and under-standing in the various fields related to the profession of accountancy. The following is the detail of projects undertaken by ICAI ARF:

• Indian Railways: Work completed in the last one year

➣ Pilot Study to develop framework for Clearance of CWIP and transfer to FAR to be undertaken over NR based on the CWIP data received in FA-13 as on 31^st March 2017.

➣ ABFS of Indian Railways for the year 2021-22 submitted.

Work in progress:

➣ ABFS of Indian Railways for the year 2022-23.

➣ Data validation, Validation of FAR of Track, Preparation of FAR of Rolling Stock, and review of FAR data for FY 2017-18 to FY 2020-21.

• Preparation of Study Material on Financial Reporting and Financial Risk Man-agement for Certified Practising Accountants Papua New Guinea (CPA PNG): ICAI ARF as-sisted CPA PNG in developing the Modules on Financial Reporting and Financial Risk Management taking into account the needs of nationals of PNG and other stakeholders in areas such as IFRS, In-ternational Taxation, Derivatives, Corporate Governance, Business Finance and alike. The Modules were submitted to CPA PNG.
• Treasuries and Accounts Department, Government of Tamil Nadu: ICAI ARF has undertaken the task to review and revise Tamil Nadu Treasury Code (Volume I and II); Tamil Nadu Account Code (Volume I, II and III) and Tamil Nadu Pay and Accounts Office Manual along with on the basis of present practices and IFHRMS with trail of all changes. During the year, the final draft has been submitted to Commissioner of Treasure and Accounts which is under approval.
• Indian Ports Association (IPA): ICAI ARF has been assigned the task to prepare common accounting framework for 11 major ports for compliance with Major Ports Author-ities Act, 2021 and MPA (Accounts & Audit) Rules, 2021. The final Report on Common Frame-work for the preparation of annual accounts for major ports has been submitted to IPA. The signifi-cant accounting policies document for all ports is under preparation
• Department of Handloom, Government of Tamil Nadu: ICAI ARF has undertaken the project for the Department of Handlooms, Government of Tamil Nadu to assist in drafting a procedure manual for the realisation of assets of the Weavers cooperative societies in Tamil Nadu which are proposed for or pending in liquidation. The Standard Operating Procedure for the Liquidation Process of Handloom Co-operative Societies operating under the Government of Tamil Nadu has been submitted.
• Certificate Course for Accountants of Panchayats & Municipal Bod-ies: ICAI ARF executed the project of Certificate Courses for Accountants of Panchayats and Municipal Bodies through Board for Local Bodies Accountants Certification (i.e., BLoAC estab-lished under ICAI ARF). The Committee on Public and Government Financial Management (CPGFM) of ICAI is actively involved in development of course material and coordination for the conduct of the courses. The courses were formally launched on 16^th November 2023 (Audit Di-was) and the registrations of these courses were initiated on 1^st December 2023 through a dedicated website https://lba.icaiarf.org.in/

8.19 ICAI Registered Valuers Organisation

ICAI Registered Valuers Organisation is a section 8 Private Company formed by the Institute of Char-tered Accountants of India to enroll and regulate Registered Valuers or valuer member as its mem-bers in accordance with the Companies (Registered Valuers and Valuation) Rules, 2017, and func-tions incidental thereto.

(I) Educational Course (50 hours) by ICAI Registered Valuers Organisation which is a pre-condition to become Registered Valuer:

• ICAI Registered Valuers Organisation has been focusing on building its membership base and conducting 50-hour educational course for its valuer members which is a precondition for be-coming Registered Valuers and preparing educational material for the Educational Course.
• In this direction, from 1^st April 2023 to 30^th June 2024, ICAI RVO has conducted 12 online batches of the 50-hour Educational Course for the asset class ‘Securi-ties or Financial Assets’ and 02 online batches for the asset class ‘Land and Building’ for members across the country.
• Till end of June 2024, a total of 78 batches of Educational Course have been conducted (76 batches for the asset class Securities or Financial Assets and 2 batches for the asset class Land and Building).
• As on 30^th June 2024, 4535 members have been trained by ICAI RVO for its 50-hour Educational course of (4525 members under the asset class Securities or Financial Assets and 10 members under the asset class Land and Building).

(II) Online Classes of Educational Course (50 hours) by ICAI Registered Valuers Organisation which is a precondition to become Registered Valuer:

• Due to the outbreak of COVID-19, the Insolvency and Bankruptcy Board of India vide its issuance of guidelines dated 29^th March 2022, has permitted to conduct the classes of Educational Course through Online mode. IBBI has further extended the validity of these guidelines, till further orders, vide Amendment dated 30^th September 2022.
• For the time period 1^st April 2023 till 30^th June 2024, ICAI RVO has conducted 12 online batches and trained 550+ members for the asset class Securities or Financial Assets and 2 online batches for the asset class Land and Building and trained 10 mem-bers.

(III) Registration of Registered Valuers with IBBI:

The Insolvency and Bankruptcy Board of India (IBBI) under the Asset Class Securities or Financial As-sets has registered a total of 2213 Registered Valuers, out of which, 1097 Registered Valuers are ICAI RVO members as on 30^th June 2024.

And, under the Asset Class Land and Building, IBBI has registered a total of 2820 Registered Valuers, out of which, 1 Registered Valuer is ICAI RVO member as on 30^th June 2024 (ICAI RVO has only recently forayed in this asset class).

(IV) Launch and regular updation of ICAI RVO Learning Management System

ICAI RVO has launched its Learning Management System which is an e-learning platform which deliv-ers the concepts of the syllabus prescribed by the Insolvency and Bankruptcy Board of India in the form of study material and supplemented by mock test in Multiple Choice Questions format. This Learning Management System facilitates the members who are primary members of ICAI RVO, in preparing for IBBI Valuation Examination.

The LMS is updated on a regular basis with new videos, presentations and questions, and, with our recent foray into the other 2 asset classes i.e. Land and Building, and, Plant and Machinery, efforts are underway to develop quality educational material for these asset classes as well for the benefit of its members.

(V) Continuous Educational Program

As a part of its Continuous Educational Program ICAI RVO has organised 48 training pro-grams on various topics related to valuation for its Registered Valuers for the Period 1^st April 2023 to 30^th June 2024.

(VI) Training Program on Soft Skills for granting COP to Registered Valuers.

The ICAI RVO has organised 6 training programs on Soft Skills for granting Certifi-cate of Practice (COP) to Registered Valuers for the Period 1^st April 2023 to 30^th June 2024.

(VII) Webcasts/Webinars conducted by ICAI RVO

ICAI RVO had conducted live webcasts and webinars as per the following details:

• Live Webcast on Learnings from the findings of Peer Review of Valuation Reports for the year 2022-23 on 13^th July 2023.
• Webinar by ICAI RVO on Start-up Valuations – the state of art and future trends on 28^th December 2023.
• Webinar by ICAI RVO on Standardisation of Valuation under IBC, 2016 on 12^th January 2024.
• Live Webcast on Professional Opportunities within the Valuation Ecosystem on 21^st June 2024.
• Webinar on Valuation under IBC-Best Practices by the Indian Institute of Insolvency Pro-fessionals of ICAI (IIIPI) in association with ICAI RVO on 28^th June 2024

(VIII) Conferences organised by ICAI RVO

• Valuation Day Conference on 18^th October 2024 in association with the In-solvency and Bankruptcy Board of India (IBBI), IOV RVF and ICMAI RVO at IIC, New Delhi.
• Virtual Conference on International Women’s Day on the theme ‘Sustainability and Valuation: Gender Equity and Empowerment’ on 8^th March 2024.
• Residential Refresher Course on Insolvency and Valuation, organised by Insolvency and Valuation Standards Borad (I&VSB), ICAI Hosted by J&K Branch of NIRC of ICAI, in associ-ation with the Insolvency and Bankruptcy Board of India (IBBI), Indian Institute of Insolvency Pro-fessionals of ICAI IIIPI and ICAI RVO from 31^st May to 1^st June 2024 at Srinagar, Jammu & Kashmir.

(IX) 5^th Foundation Day of ICAI RVO

On the occasion of the completion of its five-years journey of public interest, ICAI RVO commemo-rated its 5th Foundation Day during 14^th – 15^th May 2023 at the Park Ho-tel, New Delhi jointly with the Institute of Chartered Accountants of India (ICAI), by organizing a 2-day conference on the theme “Sustaining Public Interest through Valuation Ecosystem”.

The event was held in both hybrid and virtual mode and was graced by Hon’ble Mr. Justice (Retd.) Supreme Court of India as the Chief Guest and Whole Time Member, Insolvency and Bankruptcy Board of India as the Guest of Honour. The conference brought together various stakeholders from the valuation ecosystem viz Policy Makers, Regulators, Judiciary Members, Industry & Subject Experts along with Valuation, Accounting, Finance and Insolvency Professionals.

(X) Publications

ICAI Registered Valuers Organisation has issued the following Publications:

For the Year 2023-2024

• Quarterly Journal of ICAI RVO (Issue-3) April 2023
• Quarterly Journal of ICAI RVO (Issue-4) July 2023
• Quarterly Journal of ICAI RVO (Issue-5) October 2023
• Quarterly Journal of ICAI RVO (Issue-6) January 2024
• Quarterly Journal of ICAI RVO (Issue-7) April 2024
• Quarterly Journal of ICAI RVO (Issue-8) July 2024

8.20 Indian Institute of Insolvency Professionals of ICAI (IIIPI)

Indian Institute of Insolvency Professionals of ICAI (IIIPI) is the first Insolvency Professional Agency of India awarded registration certificate by the then Hon’ble Union Finance Minister on 28^th November 2016 at Delhi. IIIPI has attracted members from a diverse stream in-cluding Chartered Accountants, Company Secretaries, Cost Accountants, Advocates and Manage-ment Professionals. IIIPI has also networked with other national and international bodies in further-ance of capacity/knowledge building of stakeholders on one hand and providing value-added policy inputs for evolving law and practice of IBC, on the other. Out of total 4435 Insolvency Professionals registered with IBBI as on 30^th June 2024, 2794 members, i.e., 63% are from IIIPI. IIIPI’s members have so far handled 75% of the overall assignments of CIRP/Liquidation/Voluntary Liquidation, including many of the largest cases.

Key Initiatives

(I) Research Initiatives

• 6 Studies have been carried out and completed, and 4 publications, released. These are Roles of IPs across value chain of resolution from incipient stage to post resolution, Positive Roles of IPs in Resolution process, Improving Real Estate Resolution, Case Management Software, Contribu-tion of IPs, Template for Avoidance Transactions and Successful CIRP/Liquidation Case Studies.
• 5 editions of quarterly research journal (The Resolution Professional) released so far, e-circulated nationally/internationally, well received by the members and stakeholders.
• A Research Committee has been constituted, as first of its kind initiative across IPAs with Research Fund with initial corpus of Rs.25 lacs having been created. The research program across 28 identified areas for development of insolvency ecosystem, has been launched informing 100s of in-stitutions. Under the scheme, 5 projects have been approved.
• MoU signed with NLU-Delhi, for sponsoring PhD seat at NLU-Delhi for carrying out re-search on IBC, at a cost of Rs.12 lacs over next 3 years.
• A Survey has recently been conducted to seek the feedback of IPs in respect of challenges faced while dealing statutory authorities and enforcement agencies.
• A Study Report on ‘Improving Real Estate Resolutions under IBC and co-ordination with RERA’ has been published and circulated. This was preceded by IIIPI’s interaction with All India Fo-rum of RERA Chairmen at Lucknow.

(II) Capacity Building Initiatives

• A physical conference on ‘Balancing Rights of Stakeholders under IBC’ is being organised by the office and PHD Chambers of Commerce & Industry in association with IBBI on 23^rd February 2024.
• IBC Conclave 2024 in association with ASSOCHAM was organised on 3^rd February 2024.
• A program (virtual) was held on ‘Prepack Insolvency Framework for MSMEs’ jointly with World Association of MSMEs’ (WASME) on 12^th January 2024.
• A physical program was recently held on ‘Stress Resolution – Role of Professionals’ in Chandigarh on 6th January 2024 wherein Hon’ble NCLT J. Member, Chandigarh Bench joined as chief guest.
• Three Executive Develop. Programs (EDPs) being imparted to IPs for continuous profes-sional education (CPE) viz. on

➣ Managerial Skills under CIRP

➣ Legal Skills on Court Processes under IBC

➣ Forensic Skills on Avoidance Transactions under IBC.

• During the period, IIIPI organized over 60 nos. of educational/training programs, com-prising seminars, webinars, workshops, roundtables, including those conducted jointly with organi-zations like World Bank, UKFCDO, International Insolvency Institute, USA.
• Alliance formalized with INSOL International-UK, for providing INSOL-UK’s co-membership to IIIPI’s members at significantly concessional terms. About 330 members have en-rolled themselves.
• A virtual conference was held on the topic “Real Estate CIRPs – Challenges & Solu-tions” on June 23^rd 2023 in the presence of Guest of Honour, Chairman, RERA (Bihar State).
• An IP Conclave (by IBBI in association with IIIPI, CIBC-ICAI and other IPAs) was held in Mumbai on 15^th September 2023.
• A physical conference on ‘Developing market for stressed assets in India’ was organized by IIIPI in Delhi on 22^nd 2023. Chairperson IBBI, joined the program as Chief Guest.
• Four open house interactive session with IBBI were held during the month of November-December 2023 on four subjects: –

➣ CIRP related issues

➣ Liquidation related issues

➣ IP/IPE regulation related issues

➣ Avoidance Transactions – Improving Out-come

• Discussion forum (web-based portal) for members to raise/respond queries of profes-sional nature operationalized.
• MSME Helpline on Prepack Framework (PPIRP) supported by panel of expert IPs, opera-tionalized.
• Mentorship program and online portal operationalized.
• Peer Review program and online portal operationalized.

(III) Brand Building Initiatives

• National Quiz on IBC was launched targeting students across law/management insti-tutes.
• 7^th Foundation Day was celebrated in December 2023 via physical program graced by WTM-IBBI, Chief Executive-IBA, former Chairperson IBBI among other dignitaries.
• Noteworthy among other capacity building programs, two programs jointly with UKFCDO on cross border framework. In one of these, Former Union Minister appeared as chief guest.
• An international conference (webinar) was conducted in March 2023 on the Avoidance Transactions – Improving Outcomes graced by expert speakers from UK, Hongkong, Singapore and India. Regulators from UK and India joined too.
• A physical conference on “Overcoming Emerging Challenges under IBC – Preparing IPA & IPs” was held in New Delhi on 16^th June, 2023, joined by dignitaries including, Member-NCLT, Jt. Secretary-MCA, MD-SBI and ED-IBBI.
• Meetings/Discussions held with President-NCLT, Members-NCLT, Secretary-MCA, Joint Secretary-MCA, Secretary-MSME, ED-RBI, MD-SBI, Regional Director-SEBI, Officials of RERA (UP) in previous year(s).
• RERA Chairmen across Delhi, Mumbai and Bihar have been reached out for interactions on issues concerning IBC and RERA. Separately, a study group on ‘Improving Real Estate Resolutions under IBC and co­ordination with RERA’ has been constituted and is actively working on recommen-dations for improving outcomes under IBC and RERA Act. A virtual interaction of the members of the study group with Chairman – Maharashtra RERA has been conducted on 21^st February 2024. Therafter, a presentation was made by IIIPI on the real estate study group report to All India Forum of RERA Chairmen at Lucknow on March 19, 2024.
• Enforcement Agencies including Enforcement Directorate, Special Fraud Investigation Office (‘SFIO’), Central Bureau of Investigation Academy, National Police Academy – Hyderabad, Delhi Police Headquarters, Customs Enforcement Academy, have been approached for nominating their officials respectively for an interactive seminar. CBI Academy has also agreed to induct sessions on IBC during their regular training to their officials wherein IIIPI can nominate experts/speakers on the subject matter. The first such training session was conducted on 15^th December 2023.
• A physical International Conference on ‘Cross Border and Group Insolvency in India: Chal-lenges and Opportunities’ was organised on 13^th April 2024 wherein Justice, Former Judge Supreme Court & Former Chairperson NCLAT, was the Chief Guest. Other Guests of Hon-or included Member-NCLT and WTM-IBBI.
• A webinar on ‘International Insolvency- Best practices’ for SAFA members was organised on 20^th March 2024.
• A physical meeting was held with the Ministry of Housing and urban affairs to deliberate on IIIPI’s study group report on the subject of ‘Improving Real Estate Resolutions under IBC and co-ordination with RERA’.

8.21 The Institute of Social Auditors of India (ISAI)

The Institute of Social Auditors of India (ISAI) is incorporated under Section 8 of the Companies Act, 2013 on October 07, 2022 under the aegis of The Institute of Chartered Accountants of India (ICAI) as Self-Regulatory Organization with prime objective to be a leading institution for developing an independent, ethical and world-class Social Auditors profession responding to needs and expecta-tions of the stakeholders. ISAI will enroll, regulate and develop the Social Auditors in an independent and transparent manner and will also work on capacity building of the social auditors through con-tinuous professional education and training.

(I) Concept of Social Auditors

The Finance Minister in the Budget speech of 2019-2020 for the first time proposed the concept of a Social Stock Exchange which will be “under the regulatory ambit of Securities and Exchange Board of India (SEBI) for listing social enterprises and voluntary organizations working for the realization of a social welfare objective so that they can raise capital as equity, debt or as units like a mutual fund.”

Subsequently, the Securities and Exchange Board of India (SEBI) vide its notification dated 25th July 2022 has amended the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations”), SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”) and SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regula-tions”) to provide a broad framework for Social Stock Exchange. SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2022 defines Social Auditors as an individual regis-tered with a Self Regulatory Organization under the Institute of Chartered Accountants of India or such other agency, as may be specified by the Board, who has qualified a certification program con-ducted by National Institute of Securities Market and holds a valid certificate.

(II) Governing Board of ISAI

ISAI functions through its Governing Board which comprises of minimum of Twelve Directors i.e

• Chairperson, having rich experience in social sector/ impact assessment or he may be from a renowned academic institution.
• Five Central Council members of ICAI/ Sustainability Reporting Standards Board with rel-evant experience
• One person to be nominated by Securities and Exchange Board of India (SEBI)
• One person to be nominated by Ministry of Corporate Affairs (MCA)/ Ministry of Home Affairs (MHA)/ Ministry of Social Justice & Empowerment
• One person nominated by Capacity Building Fund
• One person nominated by Social Stock Exchange
• One member from thematic areas of the social sector
• One member having cross sectoral experience in social sectors

(III) Governing Board meetings

3 (Three) Governing Board meetings were convened at the Registered office of the Company for the period April 01, 2023 to March 31, 2024,. The 1^st Annual General Meeting(AGM) of the Company was held on September 30, 2023. The Annual Return and financials have been filed with MCA.

(IV) Sub-Committees of ISAI

There are 7 Sub-Committees constituted in terms of the bye-laws of the Company to regulate the working of the Company in the most transparent and efficient manner. These sub committee com-prises of members of the Governing Board and also market experts in the advisory role. Following are the sub committees of ISAI:

• Advisory Committee
• Membership Committee
• Monitoring Committee
• Grievance Redressal Committee
• Appellate Committee
• Disciplinary Committee
• Editorial Board

Three Membership Committee meetings were convened on July 24, 2023, August 23, 2023 and January 05, 2024 through virtual/physical mode wherein important decisions related to allotment of membership of ISAI were taken. One Search committee meeting was conducted on January 05, 2024 to discuss and deliberate on the pending nomination on Governing Board of ISAI.

(V) Registration of Social Impact Assessors (earlier Social Auditors)

ISAI launched the separate registration portal on April 28, 2023 http://registration.isai.ca.in/ and started registering Social Auditors on its website https://isai.ca.in/.

After qualifying NISM Series-XXIII: Social Impact Assessors (earlier Social Auditors) Certification Ex-amination, the applicant is required to enroll with the ISAI. ISAI has registered more than 550 Social Impact Assessors (earlier Social Auditor), the details of which are available on its website.

(VI) Online Training Course on “NISM Series XXIII: Social Impact Assessor (earlier Social Au-ditors) Certification Examination”

ISAI has also started online training course to facilitate preparation for “NISM Series XXIII: Social Im-pact Assessor (earlier Social Auditors) Certification Examination”. The online classes cover all 11 chapters of the NISM Study material covered in 21 study hours with expert faculties, FAQs for each chapters, case studies and illustrative examples. ISAI has successfully completed Four (4) batches of online training course and have trained 297 participants for the “NISM Series XXIII: Social Impact As-sessor (earlier Social Auditors) Certification Examination”.

(VII) Webinars:

ISAI has organized the following webinars for capacity building and creating awareness about the Social Stock Exchange, Social Audit and Social impact Assessment with the stakeholders and to the public at large:

S. No	Topic	No. of Participants
1	Registration and Listing of Social Enterprises on Social Stock Exchange	More than 800 participants
2	Social Impact Assessment- Beginners Perspective	More than 400 participants
3	An Overview of the Social Stock Exchange Annual Impact Report	More than 120 participants
4	Process of Social Impact Assessment	More than 200 participants

8.22 Quality Review Board (QRB)

In exercise of the powers conferred u/s 28A of the Chartered Accountants Act, 1949, Central Gov-ernment of India has constituted the Quality Review Board (QRB) on 28^th June 2007 as an independent body to review the quality of services rendered by Chartered Accountants in the country and its review process contributes towards an increasingly robust and transparent financial reporting system in the country. The constitution of the QRB comprises of a chairperson & five members appointed by the Central Government, and five members nominated from the Council of the ICAI.

As per Section 28B of the Chartered Accountants Act, 1949, the Quality Review Board shall perform the following functions: –

• To make recommendations to the Council with regard to the quality of services provided by the members of the Institute.
• To review the quality of services provided by the members of the Institute including audit services.
• To guide the members of the Institute to improve the quality of services and adherence to the various statutory and other regulatory requirements.
• To forward cases of non-compliance with various statutory and regulatory requirements by the members of the Institute or firms, noticed by it during the course of its reviews, to the Disci-plinary Directorate for its examination.

QRB has been given a mandate to review the quality of all the services provided by the members of ICAI, however, currently the Board is involved in review of audit services only. After the formation of National Financial Reporting Authority (NFRA) by the Central Government in the year 2018, the QRB is authorised to conduct review of the quality of the audit services for entities not falling under Rule 3 as well as the companies referred to the QRB under Rule 9(4) of NFRA Rules, 2018.

During the period covered by the Report, QRB completed 47 reviews of audit quality. Out of these 47 reviews:

Sl.No.	Particulars	Reviews of Audit Quality
1	Number of cases where QRB issued advisories to concerned Audit firms for im-provement of the quality of audit services and adherence to the various statutory and other regula-tory requirements in terms of the requirements of clause (c) of Section 28B of the Chartered Ac-countants Act, 1949	37
2	Number of cases forwarded by the QRB to the Disciplinary Directorate for its exam-ination in terms of the requirements of clause (d) of Section 28B of the Chartered Accountants Act, 1949	5
3	Number of cases filed i.e., cases where no was action taken	5
Total Reviews		47

9. OTHER MATTERS

9.1 Chartered Accountants’ (CA) Day – 1^st July, 2023

The momentous occasion of 75^th Chartered Accountants’ Day was celebrated with great enthusiasm and zeal across the Country and Globe on 1^st July, 2023,. On the his-toric occasion, a commemorative Logo and an ICAI Stamp signifying ICAI’s 75 years journey of excel-lence was unveiled recognizing the remarkable contributions of Chartered Accountants in the eco-nomic development of the nation, exemplifying unwavering integrity, competence, and professional-ism as Partner in Nation Building. The esteemed presence and blessings of the Chief Guest- Hon’ble President of India, and Guest of Honour- Hon’ble Minister of State for Corporate Affairs, was the highlight of the event. During the celebration, the new Education and Training Scheme, aligned with the International Standards and National Education Policy 2020, was unveiled. The Hon’ble Presi-dent of India lauded the collaborative and pivotal role being played by the Chartered Accountants as “Pillars of Economic Governance”. She acknowledged CAs dedication and hard work, and further added, “The journey to becoming a CA is a testament to the dedication and hard work of exceptional professionals. The Hon’ble Minister acknowledged the remarkable journey of ICAI over the years, emphasizing its contribution to the financial stability and economic development of the country and encouraged the profession to leverage its expertise in meeting the country’s expectations.

9.2 Central Council Library

The Central Council Library of the Institute caters to the information requirements of its stakehold-ers. Its aim is to provide comprehensive and up to date collection of primary and secondary print and non-print material to the present and anticipated members/students, research scholars and officials of ICAI. Library has assumed greater responsibilities of serving committees, departments in imparting knowledge and valuable information through books, e-books, journals, magazines, on-line databases, print newspapers as well as e-newspapers. Central council library is responsible for updating and providing journals and books required for the various committees work.

The Central Council Library is fully computerized and working through Liberty- library management software. Library material including database of Books, Journals & Articles can be searched through Subject, Author, Title, Topic, Keyword, & Publisher wise. These records are available on Internet Online Services www.icai.org under “Central Council Li-brary”-online search OPAC-Liberty for the books, Journals, articles etc. in the library.

Under the Column “Accountants Browser”, an index of articles relevant to accounting profession are published every month in the journal “The Chartered Accountant”. One may note that The “Accountants Browser” is an index of important/Professional Articles with ar-chives of past articles. Reference service from library is also provided to the Researchers & Scholars, faculties, students and members.

A number of online databases have been acquired by the Library, details of which are available on www.icai.org – Central Council Library. These On-line knowledge databases have been installed in the Central Council Library and can be accessed in house only, to facilitate the search for required ma-terial by the Members, Faculties and Research Scholars. Several e-journals have also been subscribed in the Library. Details of the new resources added in the Central Council library at Head office and Noida library respectively for the financial year 2023 – 24 are mentioned as under.

CENTRAL COUNCIL LIBRARY (H.Q).

S.NO.	Title	Figures
1.	Journals (Print)- national & International	24
2.	Online Resources	18
3.	No. of new arrival Books added during the period	320

CENTRAL COUNCIL LIBRARY SEC.62, NOIDA

S.NO.	Title	Figures
1.	Journals (Print) – national & International	13
2.	Online Resources	17
3.	No. of new arrival Books added during the period	279

Central Council Library is regularly updating its resources to provide the professional Members, stu-dents, faculties & other stakeholders with the latest & upto date knowledge and infor-mation.

9.3 Editorial Board

The Editorial Board is a specialized non-standing committee of the Institute of Chartered Account-ants of India (ICAI) dedicated to the mission of consistently providing members with professional knowledge and relevant matters through the journal, The Chartered Accountant. This journal empowers members by enhancing their professional knowledge and enjoys immense value among its readers, with a circulation exceeding 400,000, including both e-journal and printed copies.

The Chartered Accountant is one of the leading professional journals, reflecting ICAI’s intellectual prowess and reinforcing the Institute’s strong brand equity among members, students, and other stakeholders. The Editorial Board is committed to its mandate of keeping readers and ICAI members informed about the latest advancements in the accounting profession, promoting profes-sional knowledge, and disseminating new ideas, insights, and information about ICAI and the ac-counting field.

Significant achievements

(I) INITIATIVES TOWARDS DEVELOPING NATION

The Editorial Board by disseminating professional knowledge, as well as introducing international trends and developing practices through its monthly journal, ‘The Chartered Accountant’, has stead-fastly worked towards advancing the development of nation by improving competence and capabil-ity of its constituents. Several significant initiatives in this direction include the following:

• Knowledge Enrichment through Articles:

During the period articles on diverse and contemporary professional topics were published in the ICAI Journal, in addition to other regular features of professional inter-est. With an intent to keep members abreast of latest professional knowledge, special issues were brought out on Financial Literacy Startups, MSMEs, GST, Sustainability, IBC and other technical sub-jects

(II) Members/Students Initiatives

The Editorial Board has been proactively working for the knowledge upgradation and professional enrichment of the Members and Students through its monthly journal, The Chartered Ac-countant. Some important initiatives in this regard are as under:

Qualitative coverage in The Chartered Accountant Journal:

• Blend of themes covered: During the period, 196 articles on various themes and professional topics were included in the ICAI Journal. In addition, the journal also in-cluded other regular features that covered updates about the ICAI and its activities in coordination with various ICAI Committees.
• July 2023 Issue brought Out as Special Edition: The July 2023 issue, coinciding with CA Day; ICAI entering in its 74^th year was brought out as Collector’s Edition especially as ICAI entered and celebrated its 75 Years of Trust. This special issue embodied the spirit of celebrating 75 Years of Trust in the service to the nation by publishing around 19 articles specially authored for the journal by national personalities from Government, Industry and regulators sharing the perspective and Vision for New India and Profession as India move to-wards becoming self-reliant by 2047.

Besides, the Journal also carried inspiring CA Day messages from 19 prominent dignitaries that in-cluded President of India, Hon’ble Speaker of the Lok Sabha, Hon’ble Minister of Home Affairs & Cooperation, Hon’ble Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Hon’ble Minister of Women & Child Development and Minority Affairs, Hon’ble Governor of Arunachal Pradesh, Hon’ble Governor of Chhattisgarh, Hon’ble Gover-nor of Goa, Hon’ble Governor of Nagaland, Hon’ble Lieutenant Governor of Puducherry, Hon’ble Governor of Rajasthan. Further, special coverage of Vision of ICAI Former Presidents and CAs who are Global leaders were covered elaborating on the role of chartered accountants and accountancy profession in nation building.

The issue also carried the special feature Down the Memory Lane comprising Reflections on a Glorious Indian Accountancy Profession: A Photo Journey, ICAI Stamps, Jour-ney of Excellence, Write-ups on Struggle for the Designation of ‘Chartered’, Speech of First President of India, In quotes – through the eyes of the luminaries and Tracing the Roots – Icons of ICAI. The cover page of the journal portrayed New Logo on 75 years spearheading the dynam-ic spirit the accounting professions and ICAI’s contributions during the last 74 years focusing Building New India.

Many Aspects of Digital Versions of The Chartered Accountant- Journal Up-graded for the convenience of Members and Students:

• Journal in PDF format: As a valued added alternative to readers, particularly for separate content-wise downloads, the journal continues to be hosted in the PDF format. The ar-chives of digital journal are available on ICAI website from July, 2002 onwards.
• Journal on Digital Learning Hub: The electronic version of Journal, is available online on ICAI website icai.org as user-friendly e-magazine, is included in the Digital Learning Hub. This helped in providing knowledge through ICAI Learning Management System, besides supporting the Sustainability Drive of the ICAI.
• Journal Highlight Emailers: The highlights of every issue of journal in capsule form and the President Message in the journal are mass-emailed to all the members.
• Journal on Mobile: The e-journal is also available on mobile, compatible on iOS (IPad/IPhone etc.) and Android devices. The same can be accessed at http://www.icai.org/ un-der ‘e-journal’ tab. The e-journal is also available on ICAI Mobile App.

10. MEMBERS

10.1 Membership

During the year ended 31^st March, 2024, 24,998 new members were enrolled by the ICAI bringing the total membership to 4,03,617 as on 1^st April, 2024. During the year ended 31^st March, 2024, 3,595 Associate members were admitted as fellows, in com-parison to the figure of 2,559 in the previous year.

Total Members as on 01.04.2024

Category of Members	Fellow (1)	Associate (2)	Total of Columns (1) and (2)
In Full Time Practice	95232	55877	151109
In Part-time Practice	2017	5095	7112
Not in Practice	18468	226928	245396
Total	115717	287900	403617

10.2 Convocation

Since November 2008, the Institute has been organizing Convocation to confer membership certifi-cates to newly enrolled members. During the year 2023-24, ICAI has successfully organized “Convo-cation 2023” inviting members enrolled from 1^st October, 2022 to 20^th October, 2023 at 12 places at Mumbai, Pune, Ahmadabad, Chennai, Hyderabad, Bangalore, Kolkata, Ghaziabad, Indore, Jaipur, Ludhiana and New Delhi.

STATISTICS MEMBERS AS ON 01/04/2023

FELLOWS	In Full Time Practice	95232
	In Part-time Practice	2017
	Not in Practice	18468
		115717
ASSOCIATES	In Full Time Practice	55877
	In Part-time Practice	5095
	Not in Practice	226928
		287900
TOTAL MEMBERSHIP :		403617

–

	FELLOWS				ASSOCIATES
	In Practice				In Practice
Region	Full Time	Part Time	Not In Practice	Total	Full Time	Part Time	Not In Practice	Total	Grand Total
Western	28044	517	5265	33826	18492	1766	77986	98244	132070
Southern	20135	551	4299	24985	10555	1277	50249	62081	87066
Eastern	8313	148	1579	10040	3572	319	15135	19026	29066
Central	20054	345	2834	23233	12628	713	41496	54837	78070
Northern	18686	456	4491	23633	10630	1020	42062	53712	77345
TOTAL	95232	2017	18468	115717	55877	5095	226928	287900	403617

11. BOARD OF STUDIES

The Board of Studies plays an instrumental role in shaping the careers of aspiring CA students by providing them a host of educational inputs, imparting training on Information Technology and Soft Skills, guiding and mentoring them in their goal of becoming a qualified Chartered Accountant. In its endeavour to provide a strong foundation of professional knowledge, professional skills and profes-sional values, the BoS provides its students quality Study Materials, Revisionary Test Papers and Mock Test Papers for each subject of the CA course. Live learning classes and MCQ Paper Practice Dashboard are some of the digital initiatives of BoS to facilitate student learning and preparation for their examinations.

Apart from developing the various educational inputs for students undergoing Chartered Account-ancy Course, the Board of Studies conducts batches of Orientation Course, Information Technology, Advanced Information Technology and Management & Communication Skills Training Courses to equip CA students with competencies and professional skill sets looked up by business houses in view of the ever-evolving business environment. The Board also conducts various other activities such as Conferences, Seminars, National Talent competitions, students’ festival, sports activities, etc. for imbibing essential soft skills to enhance the overall confidence of the CA students. Scholarship grant is also being given to the Intermediate and Final Students of ICAI. At present, the students can apply online for the Scholarship grant by login at Self Service Portal (SSP). The students have been facilitated to submit online application.

In the year 2024- 2025, Students Skills Enrichment Board (Board of Studies – Operations) was merged with Board of Studies.

(I) Initiatives for Students

• Launch of ICAI Digital Learning Campus Portal: Self-Paced Online Modules (SPOM) SET A and SET B

The Board of Studies of ICAI has launched ICAI Digital Learning Campus Portal on 7^th May,2024. It provides an enriched and flexible learning experience to the students in alignment with the New Scheme of Education and Training wherein students are required to complete the minimum prescribed 40 learning hours of Self-Paced Online Modules in both SET A: Corporate and Economic Laws and SET B: Strategic Cost & Performance Management as available on the ICAI Digital Learning Campus https://lms.icai.org/login

Salient Features of SPOM:

• Exclusive Access: Only students registered for the Final Course can ac-cess SPOM courses, allowing to learn at own pace, anytime and anywhere.
• No Additional Fees: SPOM courses are available at no extra cost.
• Progress Tracking: Monitors learning journey and tracks progress through the ICAI Digital Learning Campus dashboard.
• Proctored Learning: The ICAI Digital Learning Campus ensures a proc-tored learning environment to maintain the integrity of the courses.

The current Learning statistics of Self-Paced Online Module Learning completed by the students are as under:

• Multiple-Choice Questions (MCQ) Paper Practice Assessment Dash-board

Multiple-Choice Questions (MCQ) Paper Practice Assessment Dashboard was launched by the Presi-dent, ICAI and Vice-President, ICAI on 1^st July, 2023 during the 422^nd Meeting of the Council. The objective of the same is to facilitate students to self-assess their under-standing and clarity on each chapter in the subject. The salient features of the Dashboard are as un-der:

• It provides a user-friendly platform at BOS Knowledge Portal (https://boslive.icai.org/) and ICAI-BOS Mobile app to students at all the levels – Founda-tion, Intermediate, and Final.
• Paper-wise / Chapter-wise performance can be tracked by the students.
• Students can select Simple, Medium and Difficult MCQs/Case Scenarios as per their prep-aration.
• 20 MCQs to be attempted in 20 Minutes. Extra time, if taken, would be reflected in the Performance Report.
• New MCQs/Case Scenarios uploaded from time to time.

Statistics of MCQ Paper Practice Assessment Dashboard as on 30^th June 2024 are as under:

• Live Virtual Classes

In order to bridge the distance learning gap as well as supplement the learning and preparation for examinations of our students, the Board of Studies is conducting free Live Virtual Classes (LVC) for ensuing CA examinations for the students of Foundation, Intermediate and Final courses. These clas-ses are aided with 101+ guest faculties, 3,678+ subject-specific recorded lectures, and can be viewed anytime, anywhere, any place at (https://boslive.icai.org/)and ICAI-BOS Mobile app (An-droid/iOS). These lectures are also available at ICAI CA Tube https://www.youtube.com/@theicai/playlists

Notable Features

• Free Live Classes
• Classes can be accessed live or viewed later as recorded lectures through hand-held de-vices such as smart phones, laptops, iPads, tablets, etc. anytime anywhere.
• Recorded Lectures with Unlimited Access.
• Sessions taken by Renowned Subject Experts.
• Separate section of Notes/Assignment/MCQs.
• Exam oriented focused approach
• Doubts are resolved on real time basis Statistics of Live Learning Classes are as under:

Particulars	November/December, 2023 Examination		May/June, 2024 Examination		September/ November, 2024 Examination
	Launched	Viewership	Launched	Viewership	Launched	Viewership
Foundation	7th Batch on 12th June, 2023	7,13,781	1st Batch on 18th December, 2023	6,65,630	2nd Batch on 27th April, 2024	1,17,455
Intermediate	7th Batch on 10th March, 2023	13,98,656	1st Batch on 25th September, 2023	15,68,424	2nd Batch on 27th April, 2024	2,06,141
Final	6th Batch on 10th April, 2023	6,90,904	1st Batch on 25th September, 2023	4,16,862	2nd Batch on 27th April, 2024	66,912

Under the New Scheme of Education and Training, the first batch of live learning classes for Interme-diate and Final commenced on 25th September 2023 and the first batch of live learning classes for Foundation commenced on 18th December, 2023.

• ICITSS and AICITSS Courses

The Integrated Course on Information Technology and Soft Skills (ICITSS) consisting of Information Technology (IT) and Orientation Course (OC) and Advanced Integrated Course on Information Tech-nology and Soft Skills (AICITSS), consisting of Advanced Information Technology (Advanced IT) and Management and Communication Skills (MCS) Course, each of 15 days duration, forms one of the most important component of the Chartered Accountancy course, which every student has to un-dergo at intermediate and final level of the Chartered Accountancy course respectively. Students trained for the ICITSS & AICITSS Courses during the period are as under:

Course	No. of Batches	No. of Students trained
MCS Course	1,006	40,372
Advanced ITT	1,316	42,455
Information Technology	1,765	56,500
Orientation Course	1,418	59,869
Grand Total	5,505	1,99,196

• Board of Studies Twitter Handle

The Board took an important step in enhancing communication by establishing its official Twitter handle, accessible at https://twitter.com/bosaicai, starting from 25^th July, 2023. This platform serves as an avenue to keep the students, members, and other stakeholders in-formed about the latest initiatives of the BoS(A). As on date, BOS Twitter handle is having 25,800+ engaged followers and academic and administrative queries are being addressed by support team.

• Mock Test Papers (MTPs)

The Board of Studies organizes Mock Test Papers in the months of March, April, September and Oc-tober in physical as well as virtual mode, for the students appearing in May/Jun and November/December Examinations. These Mock Tests enable students to assess their level of preparedness. The Board has recently revamped its Online Mock Test Module for students as well as branches/regions for easy access of Question Papers and Answers. Students of all 3 levels are having their own Dashboard for Mock Test Series on (https://boslive.icai.org/) as well as ICAI BOS Mobile App where they can access the Schedule of Mock Test Series. Question Papers and Answers, uploaded within the allotted time period, can be downloaded by the students from the Dashboard. The statistics of Mock Test Papers conducted by Regional Councils and Branches for May/June 2023, November/December, 2023 & May/June 2024 examinations are as under:-

For May/ June 2023 Examination:

Mock Test Series-I	Branch/ Reginal Offices	No. of Students who attempted MTP in Self- Assessment Mode	No. of Students who appeared at Branch/Regional Offices in Physical Mode
Final	131	14,826	4,941
Intermediate	110	20,687	8,229
Foundation	117	42,995	8,732

–

Mock Test Series-II	Branch/ Reginal Offices	No. of Students who attempted MTP in Self- Assessment Mode	No. of Students who appeared at Branch/Regional Offices in Physical Mode
Final	102	15,404	6,405
Intermediate	105	21,665	11,556
Foundation	112	34,845	6,984

For November/December 2023 Examination:

Mock Test Series-I	Branch/Reginal Offices	No. of Students who attempted MTP in Self-Assessment Mode	No. of Students who appeared at Branch/Regional Offices in Physical Mode
Final	101	21,617	3,132
Intermediate	110	32,015	6,464
Foundation	113	38,488	14,347

–

Mock Test Series-II	Branch/Reginal Offices	No. of Students who attempted MTP in Self-Assessment Mode	No. of Students who appeared at Branch/Regional Offices in Physical Mode
Final	101	22,276	6,502
Intermediate	110	32,809	16,865
Foundation	109	39,812	6,268

For May/ June 2024 Examination:

Mock Test Series-I	Branch/ Reginal Offices	No. of Students who attempted MTP in Self-Assessment Mode	No. of Students who appeared at Branch/Regional Offices in Physi-cal Mode
Final	103	30,812	4,941
Intermediate	109	59,155	8,229
Foundation	86	28,753	8,732

–

Mock Test Series-II	Branch/ Reginal Offices	No. of Students who attempted MTP in Self- Assessment Mode	No. of Students who appeared at Branch/Regional Offices in Physical Mode
Final	97	27,700	6,502
Intermediate	105	51,144	16,865
Foundation	91	24,015	6,268

–

Mock Test Series- III	Branch/ Reginal Offices	No. of Students who attempted MTP in Self-Assessment Mode	No. of Students who appeared at Branch/Regional Offices in Physical Mode
Foundation	84	23,006	6,502

• Success at CA. Exam: Sessions taken by BOS Faculty

After the conduct of Mock Test Papers, BoS faculty provide subject-specific guidance to the students with respect to each paper at all levels for making their academic path smooth and easy. The details of these Sessions are as under:

Course	Examination	No. of Students who viewed these sessions
Intermediate and Final	May 2023	16,000 +
Foundation	June 2023	13,000 +
Intermediate and Final	November 2023	19,000 +
Foundation	December 2023	12,400 +
Intermediate and Final Series-I & Series-II	May 2024	24,158+

• Release of Revisionary Test Papers

Revision Test Papers (RTPs) are webhosted in the month of January/February for May examination and July/August for November examination. The RTPs contain the latest updates/amendments rele-vant for the particular examination. The RTPs incorporate a variety of questions in each subject to assist the students in revision, including questions on amendments. In subjects where the assess-ment is partially MCQ based, RTPs also include case scenarios and MCQs. The RTPs are also made available in Hindi language.

• Release of Suggested Answers

Suggested Answers are prepared to assist the students in education and preparing for the forthcom-ing examination. Accordingly, Suggested Answers for May examination are webhosted in the month of September and Suggested Answers for November examination are webhosted in the month of March. The Suggested Answers are also made available in Hindi language.

• ICAI-BOS Mobile App and BoS Knowledge Portal Users

ICAI-BOS Mobile App and BoS Knowledge Portal serve as a holistic platform, offering a comprehen-sive package of educational resources to our students. 6,50,725 students are utilizing the Mobile App & BOS Knowledge Portal. Till now, the BoS Faculty have answered 23,141 subject-specific queries of students. Moreover, students can track and view their past queries in ICAI BOS Mobile App. Students can download Android and iOS versions of this mobile app from Google and Apple Play Stores.

(II) Initiatives towards skill building of Students

• International Conference of CA Students

The International Conference of CA Students has been successfully organized by Students Skills En-richment Board on 29^th – 30^th December, 2023 at Ahmedabad on the theme “आरोहण” Conquering the New Horizons with Integrity & Innovation hosted by the Ah-medabad Branch of WIRC of ICAI. The Conference was inaugurated by Hon’ble Governor of Gujarat and eminent motivational speakers also addressed the CA Students from across the country includ-ing CA Students from Sri Lanka, and Bangladesh as Paper Presenter or participants in the said confer-ence.

ICAI, through the Board of Studies (BoS), organized two-day International Conference of CA Stu-dents at Biswa Bangla Convention Centre in Kolkata on 22^nd and 23^rd June 2024. The event witnessed the participation of more than 3600 students from across the globe, setting a record attendance at the International Conference of CA Students. The conference united accountancy students from India and abroad, allowing them to engage with peers from di-verse countries. Participants presented their research and insights through papers on a broad spec-trum of subjects. The theme of the conference, “Drishti se Sristhi”, emphasized innovative view-points aimed at expanding the horizons of students within the accounting community. The Vice-Chancellor of the University of Calcutta was a distinguished guest at the conference.

Over the course of two days, participants engaged in a series of enlightening sessions and discus-sions. Technical sessions covering areas such as Taxation (which included topics on Transfer Pricing Demystifying, Taxation of Digital Assets and The Present & Future of E- Invoicing), Auditing (which included topics on Innovation in Integration of ESG Factors in Audit Procedures, Social Stock Exchange- Emerging Role of CAs and Global Outsourcing Trend vis a vis Vikshit Bharat), Artificial In-telligence & the Digital Metamorphosis (which included topics on Cyber security for Finance Professionals, The Role of AI in detecting Financial Fraud and AI- A Designer’s Friend or Enemy) and Charting Horizons- CAs Beyond Accountancy (which included topics on Fintech Revolution- Chal-lenges and Opportunities, Ethical Considerations in Digital Auditing and Indian MSMEs on Canvas of Global Economy) were on the agenda. The Special Sessions covered the topics- Igniting Mind and Passion, Why Passing CA Exam is First Priority and How to Do it, Right Time to Start Investment Jour-ney and A Life Well Lived: Think Different, Be Different, Succeed Different. The Conference was hosted by EIRC and EICASA of ICAI.

• Conference for CA students across the country

CA Students Conferences were organized by Board across the country. In CA Students Conference CA students can participate as a paper presenter, a volunteer or a participant to sharpen their knowledge on contemporary topics and at the same time listen to the words of wisdom of eminent speakers and leader of profession on contemporary topics, opportunity and challenges emerging ahead. Carrying this objective to groom CA Students as future leaders, the Board organized Student Conference all over India which were hosted by the respective Branches and Regional Councils of ICAI. In addition to International Conference, 14 National Conferences, 19 Mega Conferences and 17 State Level Conferences were organized.

14 National Conferences were organized by the Board and hosted by Ernakulam Branch, Indore Branch, Mangalore Branch, EIRC of ICAI (Kolkata), Jaipur Branch, jointly by Raipur, Bhilai & Bi-laspur Branches, Visakhapatnam Branch, NIRC of ICAI (New Delhi), SIRC of ICAI (Chennai), Hydera-bad Branch, Ludhiana Branch, WIRC of ICAI (Mumbai) and Pune Branch. 19 Mega Conferences were organised by the Board and were hosted by Guwahati Branch, Nagpur Branch, Aurangabad Branch, Pimpri Chinchwad Branch, Ghaziabad Branch, Kozhikode Branch, Vasai Branch, Bhubaneswar Branch, Bengaluru Branch, Jalandhar Branch, Chandigarh Branch, Coimbatore Branch, Faridabad Branch, Thane Branch, Surat Branch, CIRC of ICAI (Kanpur), Bhilwara Branch, Ranchi Branch and Bhopal Branch. 17 State Level Conferences were organized by the Board which were hosted by Am-ravati Branch, Meerut Branch, Jamnagar Branch, Agra Branch, Nashik Branch, Salem Branch, Ah-mednagar Branch, Kalyan Dombivli Branch, Kolhapur Branch, Jabalpur Branch, Rajkot Branch, Kumbakonam Branch, Madurai Branch, Pondicherry Branch, Jalgaon Branch, Patna Branch and Bika-ner Branch.

• Students Activities at Branches & Regional Councils

The Student Activity Portal helps the students to register for various students’ programmes being organised by Regional Councils and Branches. It helps in the systematic management of student ac-tivity at the level of programme organising units and Board of Studies. During the period of the re-port, 1130 Programmes have been registered on the portal.

• Upgradation of existing Classrooms of IT, OC, MCS and Adv. IT into Smart Class-rooms concept having advanced technology across all POUs

With the advancement of technology in the field of education & training across the world and with a view to standardize and ensure uniform delivery of Soft Skills & IT training to CA Stu-dents across all Regional Councils and Branches of ICAI, with respect to commissioning, installation and training for Smart Classrooms across all Regional Councils and Branches of ICAI wherein Interac-tive Flat Panel (IFP) of 75 inches with OPS (CPU) and Audio Video equipment were installed in the existing IT and Soft Skills Centres. Under Phase I, 20 locations were covered by installing 81 smart classrooms equipment and under Phase II, 75 locations were covered by installing 156 smart class-rooms equipment.

• Practical Training Modules for CA Students

As an initiative to aid and standardize the practical aspects of Practical Training for CA Students un-dergoing Articleship, a series of live Webinars were organized by Students Skills Enrichment Board (Board of Studies-Operations) on Fridays from 5.00 PM to 6.30 PM on practical aspects of topics relevant for the CA Students which were dealt by the eminent experts. Live Webinars were conduct-ed on 21^st April, 2023, 26^th May, 9th June, 23^rd June, 7^th July, 21^st July, 4^th August, 4^th December, 2023, 8^th Dec., 2023 and on 12^th January, 2024. These live webinars were conducted covering modules on CARO Practical Issues & Reporting, Crowded Cafes Empty Libraries and Art of Fast Reading for Academic & Non-Academic purpose in the age of Digital Distraction for CA students, how to read the books like reels, let’s play Excel Court with financial functions “Usage of Financial Functions for Financial Modeling in excel”, empowering Analytical skills through Power BI, let’s Hit Sixer the 10 Tough Balls in the Excel Ground, Data Visualization using Power BI, Data Visualization using Tableau and Youth for Global Harmony on the occasion of Youth Day Celebration on the sidelines of National Level CA Students Talent Search held at Indore. These Webinars were recorded and now also available on ICAI DLH platform.

• Participation of ICAI Students in 2^nd International CA Students Conference organized by ICAN at Kathmandu, Nepal

Based upon the request received from the Institute of Chartered Accountants of Nepal, 4 students were nominated by ICAI from among the Rank Holders of CA Exams and Winners of National Level of CA Students Talent Contests to participate in the 2nd International Conference held on 29th June, 2023 at Kathmandu, Nepal organized by ICAN, Nepal. Out of these 4 students, 2 students had pre-sented papers in the said International Conference.

• Four Weeks Residential Programmes organised at Centre of Excellence Jaipur and Hyderabad

The batches of Four Weeks Residential Programme on Professional Skills Development were con-ducted by the Board with the objective to offer a unique opportunity for CA students in imbibing the professional Skills required for effective functioning in business organizations while providing profes-sional services. The program environment focuses on the development of communication, interper-sonal, teamwork, problem-solving & leadership skills of participating students. Six batches of Four Weeks Residential Programmes were conducted by the Board during 2023-24 at CoE Hydera-bad for girl Students and at CoE Jaipur for boy Students.

• National Level of CA Students National Talent Contest, 2023-24 – Elocution Con-test and Pitch Deck Competition

National Level (Grand Finale) of CA Students National Talent Contest, 2023 – Elocution Contest and Pitch Deck Competition was organized by SSEB on 28^th June, 2023 at Mumbai. The Pitch Deck Competition is organized for the first time under the banner of CA Students National Tal-ent Contest, 2023 and the Board received an overwhelming response from the students. These con-tests were conducted at three level, first at Branch Level, second level winners of Branch Level partic-ipated at Regional Level organized by five Regional Councils and finally the winners of Regional Level participated in National Level on 28^th June, 2023. Top two winners of Elocution Con-test and top two teams of Pick Deck Competition were awarded by cash prize. The participants of Pitch Deck Competition have been facilitated at the Startup Sphere Event which was jointly orga-nized by Committee for MSME and Committee for Development of International Trade, Services & WTO on 27^th – 28^th June, 2023 at Mumbai.

• National Level (Grand Finale) of CA Students National Talent Search – Quiz and Debate Competitions

National Level (Grand Finale) of CA Students National Talent Search, 2023 – Quiz and Debate Com-petitions was organized by the Board/SSEB on 27^th August, 2023 at Kolkata. These competitions were conducted at three level, first at Branch Level from 26^th July – 10^th August, 2023, second level winners of Branch Level participated at Regional Level organized by five Regional Councils from 16^th – 21^st August, 2023 and finally the winners of Regional Level participated in National Level on 27^th August, 2023 conducted by the SSEB. Top two winning teams of Quiz Competition and top Four Winners (Two ‘For’ and Two ‘Against’) of Debate Competition were awarded by cash prize.

• National Level (Grand Finale) of CA Students National Talent Search, 2023 – Dashboard Visualization and Sketching Competitions

National Level (Grand Finale) of Dashboard Visualization and Sketching Competitions were conduct-ed by the Board on 12^th January, 2024 at Indore. Further, on the sidelines of National Level of Dashboard Visualization and Sketching Competitions, Youth Day Celebrations was organized by the Board on the occasion of birth anniversary of Swamy Vivekanand, a reversed philosopher and spiritual leader recognized globally which falls on 12^th January, 2024. On the occasion of Grand Finale of Dashboard Visualization & Sketching Competitions and Youth Day, Celebra-tion was organized by the Board on 12^th January, 2024. Hon’ble Former Speaker of Lok Sabha was invited as Chief Guest. She inaugurated the National Level (Grand Finale) of Dashboard Visualization & Sketching Competitions and Youth Day Celebration organized by ICAI at Indore and addressed the CA students’ fraternity.

• CA Students National Talent Search, 2024 – Pitch Deck and Essay Competi-tions

For the year 2024, Pitch Deck and Essay Competitions are being conducted by the Board under the banner of CA Students National Talent Search, 2024.This year approximately 51 branches conducted the Pitch Deck and 31 conducted Essay Competition from 22^nd -30^th May, 2024 and the Regional Level of these activities were also successfully conducted by five Re-gional Councils from 8^th – 13^th June, 2024. The National Level (Grand Finale) of Pitch Deck and Essay Competitions are being conducted by the Board from 27^th – 29^th June, 2024 at Bengaluru.

• CA Students National Talent Search, 2024 – Quiz and Elocution Competi-tions

Under the banner of CA Students National Talent Search, 2024, Quiz and Elocution Competitions are being organized by the Board. The Branch level of both activities i.e. Quiz and Elocution Competitions had been conducted by the Branches of ICAI across the country from 27^th May, 2024 – 10^th June, 2024. The Regional Level of these activities is being conducted by five Re-gional Councils of ICAI from 25^th June, 2024 to 6^th July, 2024.

• SAFA Elocution and Quiz, 2023 held at Pokhara, Nepal

Winners of National Level (Grand Finale) of CA Students Talent Search, 2023 – Elocution and Quiz Contest conducted by Board of Studies (SSEB) during the year 2023-24 represented ICAI in SAFA Elocution and Quiz Contest, 2023 conducted by the SAFA Secretariat on 1^st March, 2024 at Pokhara, Nepal.

• Teachers’ Day Celebration – 2023

To commemorate the birth anniversary of Dr. Sarvepalli Radhakrishnan, a renowned scholar and phi-losopher, Teachers’ Day celebration was organized by the Board which was hosted by NIRC of ICAI on 5^th September, 2023 at New Delhi. On this occasion of Teachers’ Day Celebration, a live webcast was organized wherein 300 students of northern region participated and 95 Branches of ICAI were also connected virtually. In addition to Teachers’ Day Celebration at Head Office, Board also organized Elocution Contest on the theme “Learning from My Principal – My Teacher” on the occasion of Teachers’ Day through Branches and Regional Councils of ICAI across the country.

• Setting up of Additional Reading Rooms

Additional Reading rooms were set up by the Board at Rohtak (Haryana), Rourkela (Odisha), Bargah (Odisha), Pathankot, Narnaul (Haryana), Pimpri Chinchwad, Deoghar (Jharkhand), Hisar, Ferozepur, Porbandar, Junagarh, Davangere (Karnataka), Bagalkot (Karnataka), Bolangir (Odisha), Aizawl (Mizo-ram), Beed (Maharashtra), Jalna (Maharashtra), Buldhana (Maharashtra) and Thane West.

(III) Interactions with Members and Students

Interactions with members and students across India have been conducted in physical or virtual mode. During interactions, while members who expressed their interest to be faculty in various courses conducted by BoS were guided and students were guided on how to succeed CA examina-tion. In this direction, Board of Studies has organized 32 sessions in physical or virtual mode to have an interaction with students and members. The sessions for students emphasized on How to crack and pass CA exam. These sessions threw a light on effective study techniques and planning strategies to enhance the exam preparation for various subjects at foundation, intermediate and Final level. The tips for time management in examinations and the importance of presentation of answers in examinations were shared with students. The sessions for members emphasized on Opportunities in CA Education: – classes – faculty – content developer – overseas education. The objective of these ses-sions was to make members aware about opportunities in CA education and use their expertise in teaching students and 32 Programmes were conducted during the period.

Webcasts/Webinars Conducted

S. No.	Date	Webinar
1	6th March, 2023	An Interactive Session was organized with Office Bearers and Managing Com-mittee Members of Regional Councils and its Branches with the objective that maximum number of Branches may conduct both series of Mock Test Papers before the main CA examination.
2	16th April, 2023	A Live Webinar to “Plan, Prepare & Perform” was conducted for students of Intermediate & Final Courses.
3	5th July 2023	A National Outreach was organised on the New Scheme to provide insights into the various aspects of the new curriculum and its transition process.
4	23rd August, 2023	A National Outreach with Students’ fraternity was organized to provide insights into the various aspects of the New Scheme, relaxations for students under the Old Scheme, Conver-sion/Transition Scheme as well as exemptions under the New Scheme
5	5th October, 2023	Conducted a Live Webcast jointly with M&SS Directorate on ICAI Compliance & Documentation Related Matters for the students
6	8th October, 2023	Organized a Live Webcast to “Plan, Prepare & Perform” for Intermediate & Final course students appearing in November 2023 examinations
7	25th June 2024	The Board of Studies of ICAI and the South Asian Federation of Accountants (SA-FA) jointly organized an insightful webinar titled “Adapting to Change: International Education Standards and its Influence on Accounting Profession.” The Vice President, ICAI graced the session by his motivational address to the speakers and participants. Besides the BOS Chairman’s welcome note and introductory speech, other esteemed speakers- Council Member & Past President, ICA Bangladesh, Vice President, ICA Nepal and Council Member and Chairman of Committee on Education, Training and CPD, ICAP shared their expertise on the impact of interna-tional education standards, discussing the evolving landscape of the profession, critical need for continuous adaptation and learning and their country specific experience in adopting IES in the Course Curriculum.

• Online Scholarship Application Process & disbursement of scholarship grant

The students can apply online for the Scholarship grant by login at Self Service Portal (SSP). The stu-dents are facilitated to submit online application with no manual intervention for selection of Schol-arship. The automated Scholarship process selected the students under various categories namely Merit, Merit cum Need and Need based for Economically Weaker Students. Total 11047 students have been benefitted from the Scholarship scheme through this automated process and more than Rs.10 Crores has been released to beneficiaries through scholarship instalments on quarterly basis.

• Faculty Development Programmes

The New Scheme of Education and Training was implemented w.e.f. 1^st July, 2023 and the syllabus of ICITSS/AICITSS Training Courses comprising of Information Technology/Orientation Course at Intermediate Level and Adv. IT and Management & Communication Skills at Final Lev-el have also been revised by adding new topics of IT and Soft Skills in the new syllabus of ICITSS and AICITSS. With a view to implement the new syllabus of ICITSS and AICITSS, an Expert Group of IT and Adv. IT was formed by the Board to finalize the lesson plan with topic-wise hour allocation, stand-ardized approach for conducting the FDP for the faculties of IT and Soft Skills. Based on the recom-mendations of the Expert Group, the 12 Faculty Development Programmes for the Faculties of IT and Adv. IT were conducted by the Board and the 10 Faculty Development Programmes conducted for the faculties of Orientation and Management & Communication Training Courses:

Online Training Sessions for the faculties of IT and Adv. IT on Smart Board

In order to make the faculties of Soft Skills and IT well versed with Smart Classrooms and there should not be any difficulty while taking sessions on the smart boards, online training programme for faculties are being organized by the Board wherein they are being trained for using smart board in the classes. Such online training programme for faculties of Soft Skills and IT were conducted on 22^nd March, 2024, 12^th April, 2024, 26^th April 2024, 10^th May 2024, 24^th May 2024 and 7^th June 2024 and the online training sessions were well appreciated by the faculties.

(VI) Initiatives for Members

Launch of Mobile App for Members – “ICAI-BOS”

The Board has launched its mobile application “ICAI BOS” with limited feature access for members of ICAI on 1st July, 2022 wherein members can access recorded lectures, educational contents, refer-ence for quick revision, important examination and BoS announcements etc. As of now, 18,801 Members have downloaded ICAI-BOS Mobile App from Google and Apple Play Stores.

(VII) Towards Partner in Nation Building

• Western Education Summit on Commerce and Accountancy 2024 (WES-CA 2024)

The Board of Studies organised Western Education Summit on Commerce & Accountancy 2024 (WES-CA 2024) on May 24^th and 25^th 2024, at ICAI Tower, BKC, Mumbai. The theme of the summit was Digital Innovation in Accounting, Auditing, Costing, Finance, and Commerce. WES-CA 2024 aimed to focus on digital innovations that are transforming educational landscapes in accounting, auditing, costing, finance, and commerce. This regional summit brought together leading academicians, researchers, and scholars to discuss and explore the transformative potential of technology in our field. The two-day summit was attended by Vice Chancellors, Direc-tors, Deans, Principals, HODs and professors from various commerce colleges and universities across the western region of the country. Over 70 participants from various universities and colleges across Maharashtra, Gujarat, and Goa attended the event. At the Summit, deliberations were made on the topics Professional Education of Chartered Accountancy- A way Forward, Future Trends in Auditing and Financial Assurance: Preparing Students for Industry Changes, Data Analytics for Business Deci-sion Making, Artificial Intelligence and Machine Learning Applications in Commerce, Pedagogy: Fac-tors Affecting Teaching Profession Learning Process, Blockchain Technology and its Role in Audit and Financial Transactions and Unique Challenges in E – Commerce business.

• Memorandum of Understanding (MoU) with Universi-ties/Institutions

ICAI has entered into Memorandum of Understanding (MoU) with various State and Central Univer-sities, with the objective of extending academic co-operation in B.Com, B.Com (Hons.), M.Com and other courses in commerce education. These MoUs stimulate and facilitate the development of col-laborative and mutually beneficial programmes, which will serve to enhance the intellectual life and cultural development within both ICAI and the respective Institutions. These MoUs will facilitate re-defining the curriculum of Accountancy and Commerce education across educational institutions in India by bringing uniformity in it. These academic collaborations also facilitate the implementation of Faculty Development Programmes (FDPs) and reciprocal institutional visits in mutually beneficial ar-eas of interest with universities. This support encompasses the framing of syllabi for courses in the field of commerce and accountancy and the provision of subject-related guidance to faculty mem-bers. Further, focus will also be on encouraging research in Commerce and Accountancy and provid-ing support for Professor in Practice faculty. ICAI has entered into MoUs with 67 universi-ties/institutions in total across the country till 30^th June 2024. The contribution of ICAI in developing commerce and accountancy education in India through this initiative once again un-derlines the role of ICAI in ’Nation Building’.

• Recognitions for CA Course – Pursuing Ph. D Programme

137 Indian Universities, 7 IIMs and 2 IITs (Madras & Bombay), i.e., in total 146 institutions in the country have recognized Chartered Accountancy qualification for the specific purpose of regis-tration to Ph.D. programme of respective universities:

Region	Number of Institutions
Western Region	30
Southern Region	39
Northern Region	21
Eastern Region	19
Central Region	37
Total	146 (137 Universities + 2 IIT’s + 7 IIM’s)

• Virtual Faculty Development Program (FDP) Series for the Faculty of Universi-ties/Colleges/Accredited Institutions

In pursuance of the MoUs entered into with various Universities/colleges, BoS (A) organised the first session of the Virtual Faculty Development Program (FDP) Series on 12^th December, 2023 on an engaging topic, “GST — Overview and Latest Developments” for the faculty members of said Universities/colleges as well as of the Accredited Institutions. The second session in the series was held on 2nd January, 2024 on the theme, “Financial Statements and its Analysis”. The session emphasized on the key points to be kept in mind while preparing the financial statements and fo-cused on how the analysis of Financial Statements empower the users to make informed decisions. Further, a Faculty Development Program was organized on 12^th April 2024 on “Tech-nology 4.0 and Accounting: Use of Blockchain and Artificial Intelligence”. The next session in the FDP series was held on 17^th May 2024 on “Budget: Its interpretation and implications”. The session aimed at giving insight into finer points in budget interpretation. It also dealt with public fi-nance database and empirical issues in public database.

• Joint Seminars organized by BoS with University/College

S. No	Date	Seminar	Place
1	29th November, 2023	Seminar on “Recent Trend in Accounting and Finance-An Approach towards At-manirbhar Bharat” jointly with Netaji Subhas Open University and hosted by EIRC of ICAI	Kolkata
2	9th January, 2024	Seminar on “Recent Trend in Accounting and Finance- An Approach towards “Nuggets for Professional Success” jointly with The Bhawanipur Education Society College and host-ed by EIRC of ICAI	Kolkata
3	1st April 2024	International Seminar on “New Age Technology and Its Impact on Financial Do-main” jointly with The Bhawanipur Education Society College and hosted by EIRC of ICAI	Kolkata

• Participation in 74^th Annual All India Commerce Conference (AICC) of Indian Commerce Association hosted by University of Delhi

The Institute of Chartered Accountants of India, participated in the 74th Annual All India Commerce Conference (AICC) of Indian Commerce Association hosted by University of Delhi from 13th Decem-ber, 2023 to 15th December, 2023 – Day 1 at Delhi University Sports Council; and Day 2 & 3 at O.P. Jindal Global University, Sonepat. Around 2,500 delegates attended the Conference from across India and abroad. The Board of Studies (Academic) jointly with Committee on Career Counselling, put up an ICAI stall thereat, as an exhibitor, and promoted the CA Course, showcased BOS publica-tions and interacted with Academicians of various Universities/Institutions and explained the mutual benefits of entering MOU with ICAI.

12. COMMITTEE ON CAREER COUNSELLING

The Committee on Career Counselling of ICAI is constituted to promote the Commerce Education with special focus on CA Course amongst the students of class VIII, Secondary, Higher/Senior Sec-ondary, Graduate- Post Graduate. The Prime objective of the Committee is to provide career guid-ance to the students studying from class VIII till Graduate/Post-Graduate.

Significant Achievements

(I) The Guinness World Record-

ICAI through its Committee on Career Counselling, achieved a new Guinness World Record for hosting the “Largest Accounting Lesson” in the world. This milestone was marked by the participa-tion of the highest number of students simultaneously taking part in the lesson on 8^th September, 2023 at Jaipur. The Jury of the Guinness World Records honored the Institute of Char-tered Accountants of India for achieving the record of hosting the “Largest Accounting Lesson” in the world on the same day i.e. 8^th September, 2023 at Jaipur.

(II) Opening of Career Counselling Centres-

ICAI opened Career Counselling Centre in Yugantar Public School, Rajnandgaon (Chhattisgarh) on 21^st July, 2023 in the presence of nearest Branch Managing Committee i.e. Bhilai Branch of CIRC of ICAI and School Management, Principal, Teachers and Students. The establish-ment of Career Counselling Centres where there are no branches of ICAI not only expands ICAI’s ge-ographical footprint but also strengthens its role in promoting the Chartered Accountancy Course across diverse regions, thereby fulfilling the Committee’s objectives effectively.

(III) Career/Mega Career Counselling Programmes

The Committee has organized 3,158 Career Counselling Programmes PAN India and counselled 6,29,450 students with the support of Regional Councils and Branches of ICAI on regular basis. The objective of this initiative is to provide career guidance with special focus on CA Course amongst the students from class VIII till Graduate/Post-Graduate. This initiative aims to ensure that students from various educational backgrounds are well-informed about the Chartered Accountancy Course and its career prospects, starting from an early stage in their education.

(IV) Faculty Development Programme

The Committee on Career Counselling envisaged to organize Train the Trainers Programmes titled Faculty Development Programme/Mentorship Programme/Career Counsellors Empowerment Meet for empaneled Career Counsellors are willing to become Career Counsellors of ICAI. The objective of the Faculty Development Programme is to standardize uniform delivery of the counselling sessions all across POUs. Total 52 Programmes/Meets were conducted across India.

(V) Organizing Principal’s Conclaves

The Committee organized Principal Conclave through the Regional Council & Branches of ICAI. The objective of the Principal Conclaves/Meets were to make principals aware about CAFY & Super Mega Career Counselling Programme and about ICAI. During the discussion insight on Finan-cial Literacy and ICAI’s New Scheme of Education and Training were discussed during the meet. Dur-ing this period, total 5 Principal’s Conclaves organized by the Committee.

(VI) Participation in Career Fairs/ Exhibitions

ICAI participated in the Education & Career Fairs / Exhibition in various cities across the country. During the Education & Career Fair, Career Guidance and information about Chartered Account-ancy course was given to the Educationist, Teachers, Students & other stakeholders. During this period, the Committee participated in total 43 Career Fairs .

(VII) Signing of MOU

ICAI entered MOU with Navodaya Vidyalaya Samiti on 4^th January, 2024 with an ob-jective to establish mutual co­operation between the parties hereto for the advancement of Com-merce education with special focus on CA Course amongst the students of Jawahar Navodaya Vidya-laya across the Country.

(VIII) Organizing CAFY & Super Mega Career Counselling Programme

The Career in Accounting & Finance for Youth (CAFY) & Super Mega Career Counselling Programme as organised PAN India on 8^th September, 2023. The objective of this event was to organize maximum programmes at a time PAN India to spread the knowledge about accounting as a profession along with propagation of CA Course and ICAI through the support of Regional Councils and Branches. All across India, approx. 600 programmes were organized with par-ticipation of approx. 1.61 lacs students. It also reflects the effective collaboration and efforts of vari-ous regional councils and branches of ICAI in promoting and facilitating career guidance in the field of accounting and finance nationwide.

(IX) Organizing ICAI Commerce Olympiad for the students of class VIII to Gradua-tion

The Committee organized ICAI Commerce Olympiad on 3^rd December, 2023 for the students from class VIII to Graduation level. ICAI Commerce Olympiad is one of its kind initiatives undertaken by the Institute which helps the students in experiencing and developing their competi-tive skills in the field of commerce. This initiative reflects ICAI’s commitment to nurturing young tal-ent and preparing them for future careers in accounting, finance, and commerce. More than 1 lakh students registered for the Olympiad, indicating a high level of interest and engagement among stu-dents across different educational levels.

13. REGIONAL COUNCILS AND THEIR BRANCHES (RBA DIRECTORATE)

(I) Regional Councils and their Branches

The Institute has five Regional Councils, namely Western India Regional Council, Southern India Re-gional Council, Eastern India Regional Council, Central India Regional Council and Northern India Re-gional Council with their Headquarters at Mumbai, Chennai, Kolkata, Kanpur and New Delhi respec-tively. The total number of branches of Regional Councils is 176.

(II) Branches of Chartered Accountants Students’ Association

With a view to actively involving students of the Chartered Accountancy Course in the development of spirit of fellow-feeling and promotion of social, cultural, academic and intellectual development etc., the Council of the Institute has always been encouraging for setting up branches of Chartered Accountants Students’ Association. In this process, so far 138 Branches of Students’ Association have been set up.

(III) Award for Best Regional Council, Best Branch of Regional Council, Best Students’ Asso-ciation and Best Branch of Students’ Association

These awards are given by the Institute every year. The awards are given on the basis of overall per-formance and established norms. For the year 2023, these awards were given at the Annual Func-tion held on 8^th February 2024 to the following winners: –

Category	Prize	Name of Winner
Regional Council	1st Prize	WIRC and SIRC (Jointly)
	2nd Prize	EIRC
Students’ Association	1st Prize	WICASA and EICASA (Jointly)
	2nd Prize	SICASA
Branches of Regional Councils (Mega Category)	1st Prize	INDORE
	2nd Prize	BANGALORE, AHMEDABAD and PUNE (Jointly)
Branches of Regional Councils (Large Category)	1st Prize	ERNAKULAM
	2nd Prize	LUDHIANA and NAGPUR (Jointly)
Branches of Regional Councils (Medium Category)	1st Prize	CALICUT
	2nd Prize	AURANGABAD and AMRITSAR (Jointly)
Branches of Regional Councils (Small Category)	1st Prize	SALEM
	2nd Prize	BHILAI and AHMEDNAGAR (Jointly)
Branches of Regional Councils (Micro Category)	1st Prize	RATLAM
	2nd Prize	DHULE
Branches of Students Associations (Mega Category)	1st Prize	AHMEDABAD
	2nd Prize	BANGALORE and PUNE (Jointly)
Branches of Students Associations (Large Category)	1st Prize	NAGPUR and CALICUT (Jointly)
	2nd Prize	INDORE and VASAI (Jointly)
Branches of Students Associations (Medium Category)	1st Prize	SALEM
	2nd Prize	MANGALORE and AGRA (Jointly)
Branches of Students Associations (Small Category)	1st Prize	AHMEDNAGAR and JALGAON (Jointly)
	2nd Prize	SILIGURI and BHILAI (Jointly)
Branches of Students Associations (Micro Category)	1st Prize	ANAND and PIMPRI CHINCHWAD (Jointly)
	2nd Prize	CHENGALPATTU and SAMBALPUR (Jointly)

(IV) All India Managing Committee Members Meet (AIMCMM)- 2024

All India Managing Committee Members Meet (AIMCMM 2024) for the Regional Council Members and the Managing Committee Members of Branches was held on 9^th and 10^th March, 2024, at Kolkata, to align the endeavours of Regional Councils, Branches, Study Circles & Study Chapters with the overarching vision of ICAI and for achieving the goals and objectives of the Council. It was a very successful program with approximately 1300 participants in attendance representing 5 Regional Councils, 176 Branches, 131 Study Circles & Study Chap-ters. AIMCMM 2024 in Kolkata served as a platform for knowledge exchange, orientation and stra-tegic planning for the Council Year 2024-25, guided by the profound vision of “DRISHTI” anchored on Digitalization, Research, Integrity, Skills, Handholding, Transparency, and Independence.

During the intensive two-day event, Central Council Members illuminated the activities and function-ing of various Committees/Directorates. They elaborated on strategies to harmonize the initiatives of Regional Councils, Branches, Study Circles & Chapters with the overarching objectives and work plan of Central Committees. A dedicated web site, https://aimcmm.icai.org/ was launched to pro-vide participants with real-time updates about the event and other related information. ICAI show-cased kiosks featuring various Committees and Departments, serving as information hubs offering valuable insights and opportunities for direct interaction. Attendees engaged with relevant officers to resolve queries and seek clarification on pertinent issues, thereby enhancing operations and services for stakeholders.

The event featured a notable virtual address by Hon’ble Minister of Commerce & Industry, Con-sumer Affairs, Food and Public Distribution, Textiles, and Leader of the House, Rajya Sabha. His in-sights shed light on the expectations from the ICAI and its elected representatives towards the vision of ‘Viksit Bharat’. Additionally, renowned motivational speaker delivered an inspiring speech on Col-laboration Culture: Harnessing the Power of Teamwork. Also, the evening of March 9^th witnessed a captivating Musical Mono Act by paying tribute to the indomitable spirit of Swami Vive-kananda, an eternal source of inspiration for every Indian.

14. FINANCE AND ACCOUNTS

The Balance Sheet as on 31^st March, 2024 and the Income & Expenditure Account for the year ended on that date as approved by the Council duly audited along with auditors’ report are enclosed.

15. APPRECIATION

The Council is grateful to members of the profession who functioned as co-opted members on its Committees, persons nominated on the Boards/Committees constituted under the Chartered Ac-countants Act, 1949, the Regional Councils, its branches, and their members, and to the special in-vitees and non-members who assisted the Council during the year 2023-24 in the conduct of its ed-ucational, technical and other developmental activities and in its examinations.

The Council wishes to place on record its appreciation of the continued assistance and support given by the Central Government and its nominees on the Council during the year 2023-24.

The Council also acknowledges its appreciation of the sincere interest evinced by various Central and State Governments in the numerous initiatives taken by the ICAI and the steps already/ being initiat-ed by them, pursuant to such initiatives.

The Council also acknowledges its appreciation of the sincere and devoted efforts put in during the year 2023-24 and thereafter by all officers and employees of the ICAI.

32 National Pension Scheme

All employees who have joined on or after 01st June 2018 are covered under National Pension Scheme

33 Segment Reporting

The Institute’s operations are confined to “regulation and development of the profession of Char-tered Accountancy” and predominantly spread in India. Hence all its operations fall under single segment within the meaning of Accounting Standard (AS) – 17 Segment Reporting.

34 From this year, The Institute has followed the financial reporting format given in the Technical Guide on Accounting for Not For Profit (NPO) Organizations. Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year’s classifi-cation / disclosure.

For and on behalf of the Council

Sd/- CA Sudeep Shrivastava Additional Secretary

Sd/- CA (Dr.) Jai Kumar Batra Additional Secretary

Sd/- CA Charanjot Singh Nanda Vice-President

Sd/- CA Ranjeet Kumar Agarwal President

As per our report of even date

For Arun K Agarwal & Associates
Chartered Accountants
FRN : 003917N

For S K Mittal & Co.
Chartered Accountants
FRN : 001135N

CA Lokesh Kumar Garg
Membership No. 413012
Partner,

CA S.Murthy
Membership No. 072290
Partner,

Place: New Delhi
Dated: 17^th September, 2023

CA RANJEET KUMAR AGARWAL, President
[ADVT.-III/4/Exty./531/2024-25]